this is from an article by peter brimelow. but he goes on to point out that options expiration occurs this week, so the inevitable could be delayed yet again:

Two developments are causing the excitement about gold. From a charting point of view, gold shares are generally agreed to have broken out, meaning that gold itself could well be about to do something very important. Australia's The Privateer (whose free U.S.-dollar 5X3 Point-and-Figure chart looks very handsome after Friday) describes the situation:

"What is being traced ... is a gigantic 'reverse' head-and-shoulders formation. The trading range between US$900 and US$1,000 was broken early in April. Over the month of April, a tighter range between US$870-US$910 was established. Now, gold has broken back above that range. The 'right shoulder' on the 'reverse' head-and-shoulders formation is getting wider. ... There are two major resistance points. The first is at US$955 ... where the chart is now. The second is, of course, at US$1,000, the level reached in March 2008 and again in February 2009."

http://www.marketwatch.com/story/gol...