*UPDATE: refreshed the chart to capture today's action.
This weekly gold chart (since January 2009) is pretty striking. The black channel does a good job capturing weekly closes. We just hit the bottom of the channel, so if we're headed now to the top, that would signify $1650 gold. However, on more than a few occasions in the past, it looked like gold had bounced off the bottom of the channel, only to retest it again.
I've drawn a thin blue line: note that when gold has closed the week over that line, it has pretty much always gone on to hit the top of the channel. Well, currently that would require a close of $1590 or so. Let's see if that happens this week or next. If not, we may retest support.
Note: I'm going to busy for the next few months with grad school exams and stuff, but I'll at least try to update some of the charts we've been discussing. E.g. I'll post updated long term silver charts by the end of the week.