I would urge anyone interested in the price action of $gold or trading in general to follow the analysis on Bill Cara's blog at caracommunity.com

The overnight rally in gold will put in a Daily swing low. As you know, we have been looking for a bottom in this time frame so that is a buy signal. The next buy signal is when the Weekly chart puts in a swing low. Unfortunately, Gold did not get the washout that we wanted, but the signal cannot be ignored.

As stated yesterday, the first buys could have been taken then, the second buys can be executed today and the next buys on the Weekly swing low signal. You can place those trades with sell stops in place in case we get more weakness in the flush that we were hoping for and has been THE signal for buys for the past decade.

Here are the charts:

Running:

Daily swing:

Weekly swing: