For 3 weeks now gold has been showing improvement against the Nasdaq, but only registering as improving one week against the S&P, which is the more appropriate benchmark. This means this trade idea is still relatively early. The strength is a result of buying by Chinese investors, according to AlphaSpace data.

According to the chart here, there's also a clear breakout from the multimonth downtrend. And price is turning right at the weekly cloud, which is where it should turn. There's a stochastic crossover on the weekly chart from oversold conditions. The MACD is also beginning to turn up, which indicates an improvement towards bullish momentum.

I used to trade gold futures years ago, just as a day trader, so I am not clear on how this kind of trade in the ETF would perform. But it's clear that the charts support a turn.

Finally, it's worth taking note of Fed actions and how that relates to gold. Specifically, oil prices up and a hawkish Fed rate path would support the case for gold. However, NFPs this morning were clearly bad. This could support the case for a Fed rate cut.

At time of writing, this gold ETF is at 83ish. Options for entry include waiting for a cooling off period and entering at 21ema. More aggressive entry would be straight in.