After doing nothing but disappointing people since August 6th, gold has finally accomplished what was a formidable challenge: it has pushed above both its horizontal line and its descending trendline:
The trip of moving averages is slowly turned the corner as well.
Here is a closer look at the moving averages, showing what a slow struggle it has been.
I have long held out hope that gold would somehow shine again. We are not fully out of the woods, as gold has a knack for failing to follow through. But the long-term pattern is still absolutely intact for what could be a steady drumbeat of higher prices for years to come.