At the beginning of intermediate cycles, traders need to control their anxiety. Because recency bias conditions us to become bearish, it is difficult for us to immediately turn bullish, but it is at these turns where risk is easiest to manage and where gains are maximized. We need to enter positions early and keep stops lose so that we do not lose a good position. Later as the cycle improves we need to control our greed. We will tighten up stops more and be satisfied with "making enough".
So with that said, gold is nearing a point of long term resistance going back 8 years.