xjo, page-5

For what it is worth
(and I know little of such stuff but set it out here to summarise for myself),
at a talk this morning Scott Logan (Australian Stock Report) expects movement into the 3800 - 3900 zone - not in a rush - perhaps over the next two weeks. With 3850 as about the base, followed by sideways movement - with perhaps a lot of nothing movement for three years.

However, they are very bullish on resources, oil and minerals/metals. Gold likely to be bought as a hedge against high oil price and consequnet inflation (stagflation - slowing growth and rising infaltion).