An Acceleration in Gold has Begun

by Jordan Roy-Byrne and  Kitco

That's the source for this chart, which I reproduce (with slight alterations) below:

Inverse head and shoulders develops in 2008-2009, breakout in late 2009 @ $1000 oz.

The head and shoulders chart is a well known bearish chart pattern. Since this one is inverted, it should come to nobody's surprise that it is bullish. But many were denying this and still are. Just goes to show you how people can see and still not understand.

If you look at this chart long enough, you might notice something else.  As in 2009, there was a breakout of the $1250 ish oz resistance in late 2010, a year later.  I even wrote about it in one of my early posts.  This time though, there was no real pullback as the price just continues to keep going up.  The market isn't waiting until the fall to move up, it is moving right now.

The article mentions an acceleration:

Sentiment has become more bullish but that is only a reflection of an acceleration in a raging bull market.