This view contradict my dollar cycle views (particulary UJ which I expect to go down to yearly cycle low). But when price reaches 200 DMA and gets sold into ICL, warning bells should be on for which market we are in. If price reaches 1264, this scenario will of course be invalidated.
Bankers love to feed on goldbugs, so it is healthy to view both sides.
The most obvious resistance is the 1240-1250 zone. Let's see what happens. Price above 1265, this idea will be invalidated.
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1264 / 1265, whatever the previous high was. Then we might be in a third wave up.