Spot GOLD has climbed from a 6-year low at $1046.20 (12/03/15) to a recovery high of $1263.51 (2/11/16), a gain of 21% in a relatively short period of time, but a timeframe fraught with economic, financial market, and political turmoil to be sure.
What is fascinating about the longer-term set-up in GOLD is that the 2011 to 2015 bear phase represented almost an exact 50% correction of the 1999 to 2011 bull market ($250 to $1921).
This is important because the violent upmove off of the 50% corrective support zone leads me to give the benefit of the doubt to the resumption of an ongoing Bull Market in Gold-- that just ended a major correction.
Although the upmove so far is impressive, it has barely inflicted any damage to the bearish 2011-2015 trend.
A climb above $1307.40-- the prior recovery rally high established back on Jan 22, 2015-- will trigger a stronger bull signal, while a climb above $1400 will unleash extremely powerful upside potential.