Gold went out on at the $1210 level. If it can extend its gains next week and top the resistance around 1225 it is likely to be heading up again for the fourth test of resistance around 1260.
People have been sending me charts from other fellows, chartists, some who charge subscriptions and make appearances on television, 'just to temper my enthusiasm for gold.'
I try to listen to everyone who has something to offer, to the extent that time permits and experience motivates, But since most analysts and chief strategists are 'talking their books' and biases, their accuracy probably doesn't matter much to them, and this is why what they say so often matters so little to me.
The Gold weekly charts looks like there is a decent probability that a short term bottom is in. Let's see if gold can start its new leg up next week, and take out 1225 which sets up a retest of the big overhead resistance around 1260.
"The more power a government has the more it can act arbitrarily according to the whims and desires of the elite, and the more it will make war on others and murder its foreign and domestic subjects. Power will achieve its murderous potential. It simply waits for an excuse, an event of some sort, an assassination, a massacre in a neighboring country, an attempted coup, a famine, or a natural disaster, to justify the beginning of murder en masse."
R. J. Rummel, Mass Murder and Genocide, 1994