Gold has broken out of the short-term bearish channel and the Kumo resistance. This upward spike is a very significant bullish sign that has trapped many bears. Gold is expected to move sideways around $1,320-50 and continue higher towards $1,400-$1,500 over the coming days.

Despite the bearish divergence signs, I said yesterday that a new high was very probable. The warning from the bearish divergence remains but it is not a sell signal. The price was holding above the weekly tenkan-sen (red line indicator), and the result of the referendum was the trigger to spike higher. As I have been saying for the last few months, I remain longer-term bullish in Gold.