However, unlike on several occasions in the past, this time gold was able to finally break through the 50-day MA (thick purple line in chart above). Gold's price went on to eclipse the $1400 price level before pulling back more recently. Notice the multiple time period moving averages clearly show a change in trend last month as all of them were able to follow through with price and breach the 50-day MA to the upside. I believe this break in the downtrend is very meaningful and bodes well for gold, but it wouldn't be surprising to see price retrace a bit more to $1330-$1350 -- what appears to be the new support level.
It's also very encouraging to see money flow continue to climb.
For both GLD and GDX, money flow turned up in earnest around June and has continued to ascend, inferring underlying accumulation of shares.
I would mention a potential dark cloud remaining for gold is real interest rates. Typically the price of gold fares better when real interest rates are declining.