Gold breaks out, getting thru the October highs and also thru 1250 (at least for now).
Could this could be the turning point for gold? It will need to move back up to key resistance (the 2016, 2017, 2018 highs in the 1350-1375 area). Once there the chart will have formed a bullish ascending triangle, and you can also see an elongated inverse head + shoulders formed since 2013 (sort of).
But for now we have a breakout, and gold is approaching near term resistance at approx 1258 (200 MA). Of course with gold the price suppression mechanism could kick in again at any time, so I won't get too excited just yet.
Also, if the stock market really gets into trouble, gold could drop in the early part of the crisis, as happened in 2008. At that time, people initially sold their liquid assets like gold to raise money to meet margin calls, etc. Gold took off later, but you had to sit with losses in gold for some months.
