Medium term outlook looks bullish for gold: Rounding bottom between Oct 2015 and Feb 2016, followed by a breakout, confirmed by a consolidation flag of roughly the same duration as the rounding bottom, followed by another breakout and a flag. Currently in consolidation mode in a tight 3% range (1305-1345). A break below 1300 would momentarily invalidate the potential upside. A break above 1350 would confirm it. Awaiting a break above 1350 to go long.
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Well this is the break below 1300 and it is happening in quite a dramatic, visible manner. Up trend compromised for now.