Gold at important decision point

A couple of weeks ago I posted that gold and silver might be breaking out.  So far, that viewpoint seems to have been validated by chart action over the past couple weeks.  But now gold is facing its real test because it is now coming up against a strong multi-year resistance trend line.  The rise of gold signals the decline of confidence in the world's fiat currencies and in the politicians who are manipulating them for their own personal gains.  I think something fairly significant is going to have to occur in terms of more lost confidence before the market will decide to break through this resistance line that goes all the way back to 2006.

I believe that a break through will signal to many market watchers, with many of them being trading computers, that the next big move in gold is underway.  The two most important technical indicators will be first a breakout above the current resistance and then a rise to a new all time high.  If that occurs then my target price will be somewhere around $2200 per oz for spot gold and $2300 per oz for 1 oz gold Philharmonic coins.