I'm with endless112 on this one. That is the long-term trendline...

I'm with endless112 on this one. That is the long-term trendline I've been watching to confirm. If you draw the downtrend line from the 2 major peaks you get a target of around about $4.50 from here. That makes for one very large triangle, which, if valid, portends massive upside that could only be possible with a runaway move by gold - something that may be possible in an environment of ongoing sovereign debt defaults.

Bear in mind, if that lower trendline should fail, $2.00 and possibly even $1.50 come into sharp relief.

I have accumulated into an average price of $3.15 recently having held right through the ride up to $5.50 and back down again. I plan to be a bit smarter this time and take some money off the table as $4.50 approaches (runaway gold price notwithstanding).