The gold market showed strength in the face of rising USD Index. This fact which probably surprised some traders - will be very useful at a later stage of this gold global bull market.
Technically, as the price of gold broke above the short term downtrend line the bottom was confirmed. Gold then spent some time back testing the downward slope line and then headed higher. Once gold managed to exceed the highs of the day (yesterday) a flood of market if touched (MIT) buy orders were all over the place and the price was quickly marked up.
GCM7 Gold June Comex Intraday (120 min) chart
There is literally tons of resistance from here all the way to 700$. This is the intraday wave v and once completed a correction will be needed.
GCM7 June COMEX Gold daily chart
To understand my technical work you must have knowledge of Elliott wave theory. You might want to check this online tutorial. For access you only need to be an Elliott wave international club member. If you can afford then order R. Precter book: How to Forecast Gold and Silver Using the Wave Principle.