Gold (NYSE:GLD) is now 16 weeks into its weekly cycle and 17 days into its daily cycle. Strangely enough, sentiment in the yellow metal has not reached bullish extremes unlike silver (NYSE:SLV). Gold though looks like it is about to take out its February highs convincingly which is bullish from a long term point of view. Why? Because if $1,262 is taken out shortly, it will definitely mean that this current intermediate cycle will be right translated which would still be classified as a bullish cycle.
The next time to buy here will be when sentiment reaches bearish extremes and the weekly stochastics get very oversold. You are just chasing pennies if you are long at present ( and wanting to trade this market on cycles)