Prior gold posts:
"With 3 trading days left in the week, it is possible that gold is giving the best looking long term buy bar in about a year. Very simple: if the move is for real then gold stays above the 1HP and will then clear the YP." "Above that [1HP/Q1P combo] is bullish because now a market that was very beat up is suddenly above 3 pivots. Then the all important YP is not far and may test."
"Last week I noted on the blog that GLD might be putting one of the best weekly bars in quite some time." "Still, the [2/1] open at 107.54 is just a little over 2% above the 1HP which is not bad risk/reward for a long term position. If breaks on a weekly close then the position is closed. If it rallies above the YP with a look of support, then add."
"So the big question here is whether this is normal pullback to support on DXY and another failed breakout attempt in gold, or whether we are seeing a real long term trend change. I don't know, but I do know where to watch to answer this question. DXY YP 96.48 and GC G6 YP 1137 (just continue to update on rollovers)."
Now let's look and see what happened. GLD W below with long term pivots only. Clear lift above the 1HP the 1/25 week was the first tell. Active traders were buying there, long term investors looking at charts over the weekend could have been taking partial positions on the 2/1 open.
Here's the daily chart. Volume was picking up on the advance to the YP, a good sign. No rejection at all, next day above, then launch. Per notes above, full position. I think let this one run for a while :)