Hi guys.

Of course there are many different long-term views. But before I elaborate, I'd like to mention that the channel lines drawn yesterday had a very strong bottom, touching numerous points. This was the primary deciding factor where to draw the channel regardless of the fewer number of points that defined the top boundary. But you have to admit they line up perfectly at the top, so this makes it another corroborating factor that proves it's the strongest channel on that one chart.

At any rate as you and Edgy wisely pointed out, there has got to be more than one trading channel in effect. In fact a linear view of this Gold bull on the weekly chart does indicate a distinct increase in delta commencing 2008. Here's a couple of "best fit" trading channels that outline the shift into second gear or phase II of this bull market that began nearly 3 years ago. Eyeballing either the Monthly Log chart posted yesterday, or the weekly chart here, both point to price reaching very close to the top of a channel, and that's a technical sign that must be considered in a TA-centric world gone mad.

PS. Where's our good friend VHF these days? I really miss his informative daily posts and am beginning to wonder how many important developments have passed me by in his absence.