(Like this stuff, sign up as a follower, which is free. We won't spam you or sell your info, we are not Evil like da Goog)
We are at resistance, but also clearly working now in the up channel, and this is a long term up channel.
Classically, I have always held that one should expect resistance or suppoort to hold until proven otherwise.
HOWEVER, after a number of tests of a channel line, the energy is building. So a move up could be an explosive move up, leaving the nay-sayers in the dust, waiting for a pullback.
Think 5 years from now, or 10. Will you really care whether you bought gold at 1775 or 1600?
What if gold drops to 1600 this week? Would you sell physical? Or be scared that it will drop more?
Remember the 100 point gold drop early in the year of 2012? All accomplished in like 3 minutes. My take at the time was that was done to convince Joe Public that gold is a risky asset, besides the profits "they" got from running all those stops. Expect something like this again.
I will be taking a bet on the upward breakout with GC futures, and saving real money to buy a dip/shakeout. Shakeout that lasts a week seems to be enough to get 70% of the traders to "change opinion" from bullish to bearish.
If you get a chance, check the Einstein Online, 80,000 documents were scanned and available to you for free. Think what he did without even a calculator, much less a computer. Sheesh they didnt even have a copy machine back in the day.
Funny, most people come to this site directly, or from a link on another blog or news site. But of those who stumble upon this site on a web search, the most popular is "meh girl", you know the t-shirt advertising girl, LOL!