Richard Russell today:

Gold -- I believe that gold is building a bullish structure above its downside support of 1,000. As I write April (the active month) gold is selling at 1094, only 6 points from the 1100 level. Gold topped on December 3, 2009 at 1218.30. Obviously, that is the upside target. If gold rises above 1218 it will have "gotten rid" of a lot of amateur traders and gold-haters. It will also be squeezing a large short position. I consider the current slow, measured upward action of gold to be positive and characteristic of bull market action.

Again, I want to warn subscribers against trying to out-trade gold. In-and-out trading will invariably leave you OUT of gold prior to the big move. Gold is in a primary bull market that has closed higher during nine successive years. Establish your position in gold and take a vacation. Count your position in ounces. The price will take care of itself, dummy, the KEY, is that gold is in a bull market. Even the stupid, gold-hating central banks are buying gold. And what are they buying it with. The lousy fiat currency that they themselves are manufacturing. And how long will it be before those with gold won't swap their gold for fiat paper? That's the time when gold will go parabolic in the coming third phase.