We looked at the long term gold chart back on November 19th.
At that time we discussed that gold formed a multi year cup and handle patten. And that the rally out of the ICL had gold approaching the 1800 resistance level.
We concluded that once gold breaks above the 1800, gold will be in position for a trending move to be sustained.
Fast forward to today.
Gold closed above the 1800 resistance level.
When happened yesterday, it would have been a monthly close… Now it is easier to be a false breakout or do you think it is finally happening now?
Best regards
True, a monthly close above 1800 would be preferred.
Gold is in pace to close above 1800 for the week, which is the next step.
Gold will likely experience a daily cycle decline over the next 5 – 12 days
However, I am not too concerned about this being a false breakout.
Gold is only on week 4 of its weekly cycle and, more importantly, month 1 of a new yearly cycle.
Hope you are right… If 5 to 12 days at this rate gold drops back to 1600
Best regards
Cycle Trading 
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