Precious metals have been a "real head scratcher" for some time now. Inflation numbers have soared but the metals have ignored it. Cryptocurrencies have plunged but this too has not stirred the gold bulls. Is gold ready to make an upside move? 
Let's check out some charts and indicators.
In this daily Japanese candlestick chart of the continuous gold futures contract, below, we can see some green shoots if we think outside the box. Prices are trading below the declining 50-day moving average line but the 200-day moving average line has acted as support from the middle of May.
Trading volume has dried up in recent weeks but the On-Balance-Volume (OBV) line has moved higher telling us that buyers are being more aggressive. The Moving Average Convergence Divergence (MACD) oscillator crossed to the upside in the middle of May for a cover shorts buy signal.
In this weekly Japanese candlestick chart of the continuous gold futures contract, below, we can see the price history back to 2017. Prices made a strong advance in 2018 and 2019 before the trend turned sideways. Gold has crossed above and below the 40-week moving average line and is back above it now.
The weekly OBV line has been bullish since the middle of 2018. The weekly slow stochastic has turned upwards from an oversold reading.
In this daily Point and Figure chart of the continuous gold future chart, below, we can see a potential downside price target in the $1750 area but a trade at $1,880 should improve the picture.
In this weekly close only Point and Figure chart of Gold futures, below, we can see a price target in the $2,320 target.
In this daily Point and Figure chart of the XAU, the Philadelphia Gold and Silver Index, we can see an upside price target in the $155 area.
Bottom line strategy: If gold starts to make a turn higher I will look at some mining names to recommend.
