this is from gene arensberg's latest report:

Breakout Means Something Changed

Houston, we have a bona fide breakout, but as we show in the blog posts, this breakout is definitely not going unopposed. Gold powered higher through obvious implied resistance in the $1,120s, breaking out of the 3-month triangular consolidation. Upside breakouts are calls to attention to all technically minded traders. Breakouts of well-established consolidation formations indicate that something has changed to alter whatever had confined the trading inside the formation. Technically minded traders understand that either the supply has diminished or the demand has increased or both, and materially so, or the trading would still be confined to the consolidation.

Resistance initially attempted to form at the $1,153 level Wednesday, following the breakout and again on Thursday, but very staunch buying pressure on just about any dip kicked in both days. An early Friday sell-down attempt in New York, to just below $1,152 was handily and swiftly reversed on big volume and the rest of the trading day/week saw gold futures traders – on balance - more afraid to go into the weekend short than long, as evidenced by the upward slope up to just before the noon hour in the one-day graph below courtesy of Kitco.com.

http://news.goldseek.com/GoldSeek/1271052300.php