This is a long term chart ... a positive uptrend starting around 2008 support level is below 1200 .... with gold approaching 1300 the downtrend starting after the 2011 peak appears to be in jeopardy and would indicate the next leg up of a long term gold bull. Physical demand is strong but the paper shorts have been beating any advances back ... an intersection of the trend lines has no meaning since it is the price vs the trend line that matters but it is getting squeezed into a break one way or another ... given all the geo political risks and the fact central banks are accumulating physical ... it will be interesting to see how far paper shorts will go to protect a clear sign to the market that gold is in a serious long term bull. 

I don't think we will have to wait much longer for some clear direction which way things will be going .... fingers crossed that we don't see it drop much below $1200 because $800 is the next support level and years could be wasted holding gold etc.

After the parabolic rise of the 70's gold dropped to sub 300 around 85 before having a solid up bounce and gained approx 66% gain to near $500 a year later ... after which it continued the bear trend down which ended over 15 years later in about April 01 ... since then it has been in a bull

I think an upward breach could see a quick gain up to $2150 (as quick as a year) and then depending on what is going on either a multi year pullback like the chart below to test the end of bull or beginning of bear or a crazy parabolic shift upwards that would see gold peak at $9000 to $10,000 ... this would be a similar rise to what happened in the 70's 100- > 700 and 2000's 250-  > 1900. 7-8 time increase.  Who knows after that!

Possible wild times ahead!

 orgy