Spot Gold Pops Above Key Resistance

Spot Gold is trading above its Jan-Oct, down trendline ($1142.50), its 11-month resistance line ($1155), and above its prior near-term rally peak from Sept 24 ($1157.07), and is challenging its flattening, 200-Day EMA, now at $1168.60.

All of the action since late July has the right look of a 2 1/2-month base formation that is nearing upside acceleration towards a target zone in the vicinity of $1240/60.