Has Gold Entered New Bull Phase?

Spot gold has broken above key, 10-week resistance at $1625, and has continued higher quickly towards more important resistance at $1640.30, the June 6 high, which, if hurdled and sustained, should trigger upside continuation to $1680-$1700, thereafter.

At this juncture, only a failure to hurdle $1640.30, followed by a decline that breaks back beneath $1625, will indicate that spot gold has disappointed and trapped the bulls, yet again this summer.

Barring such a bull trap, my intermediate-term pattern and cycle work will be arguing strongly that spot gold -- and its ETF, the SPDR Gold Shares (GLD) -- has entered a new bull phase that should revisit the September 2011 high at $1921.05.