The picture seems to be at the same place it was so many times before. So many indications of the price going down, and not so many up....but may be it is different this time. Check the chart and Bet on your own will [note that right now it is a bet, once breaches the long term trend, it is a different story]
- Long period trend is being touched and previously price went lower - @ top of Bollinger bands [weak indicatior] - Price right now in the middle range of the sqezing triangle. - RSI CCI and RMI all are on top levels
But: - High volume on an up turn recently suggest early birds/betters are already going heads in. - MA cross indicators both signaled a buy the runup day recently - Issues in the middle east (Iraq situation) coupled with Russia x Ukraine situation [recent news suggest more activities in the region] will fuel the up turn. - Stocks and markets tend to surprises and do the opposite of what is expected
Gold has been going down for way too long, so its position gives higher chances of a turn. If next 1-2 sessions close in green, i would assume a heavy volume, and a raise in not only in gold, but in all resources.
PS - slightly more speculation. Markets are at all time highs - if they turn, gold goes up. Its been already 6-7 years of up trend, so its more slippery for markets, and quite a discount for the resources.