GLD initiated bullish crossover last month

GLD triggered a bullish aggressive crossover last month (Dec) within what looks like a multiyear bull flag/bull pennant. If successfully consolidating in bull pennant, could produce a new leg higher in the coming months/years. Dependent on the following factors: falling real rates (higher inflation / lower nominal rates - one or both), USD relative to global currencies, precious metals demand, narratives, falling economic activity.