"Price momentum is a key component of chart analysis. Traders commonly look for prices moving in a certain direction or signs that the direction of the gold price is about to change. The idea is that momentum is a trader’s friend, if it can properly be identified and analyzed.
The argument against price momentum is that price movements are random. Prices, many argue, adjust quickly to reflect new information, and new information cannot be predicted. Thus, trend analysis does not lead to improved long-term performance."
So, depending on whom you believe those who called the bottom at 1200-1250 have either been blessed with wisdom or just luck. And let's not forget that trends can either be secular (long time frame), primary ( medium time frame) , and secondary (short time frame) and, therefore, that the 1200-1250 bottom may be just a secondary trend bottom with the primary at a lower point.
