Mostly: Classical

[roni]

Painting a Perfect Picture for Gold

Here is part of the article

....While watching, Russell's still in gold and cash. He also noted last night that his favorite point-and-figure charts suggest gold's next "target" will be up from its current $580-an-ounce range to $690.

Privateer, the Australian newsletter, agrees:
"Gold sustained its $540-to-$570 trading range for just under two months. This week, it was decisively broken through to the upside, thereby signaling the next leg of the bull market." See the Privateer site here.

Privateer is particularly interested in gold's improving technical picture as measured by moving averages. Commenting on the weekly gold chart, the service says happily:
"The gold price regained its shorter-term (20-week) moving average last week and has soared back above it and to new bull-market highs this week. Once again, we have a perfect picture of a bull market on this chart with the shorter-term moving average well above its longer-term counterpart and price well above both and at new highs."

Privateer's also a point-and-figure fan, saying: "You can see the abruptness of gold's recovery from its mid-December and mid-February corrections on the strategic $5 x 3 point-and-figure gold chart. But the most recent retreat from the $570 level gave us a correction with a difference. That downturn gave us a double top on the chart.

"Now, gold has broken above that $570 double top. More, it has broken 3 clear 'Xs' above the double top with its $586.70 close on March 30. That decisively breaks above the recent trading range and also signals two things.
"The first is a new upleg on the bull market. The second is a likely acceleration in the pace with which the U.S. dollar gold price rises. This is signaled by the break above a double top, usually a sign of weakness on a point-and-figure chart."

http://www.marketwatch.com/News/Story/Story.aspx?column=Peter+Brimelow&siteid=mktw&dist=