Even a momentum trader can see a long term trend.

Finally, regarding gold, we remain long term bullish of gold and we see no real reason to change our posture, especially given that the predominance of our position is gold predicted in other currencies rather than in US dollar terms. Gold in dollar terms found strong support yesterday at $1470-$1475 and we are much impressed. Further, the charts of gold in EURs or Gold in Sterling or gold too in Yen are even more positive, so we shall sit tight with our present positions, keeping a closer watch upon gold in Sterling and in Yen terms, for if the former moves upward through £930 or upward through ¥123,000 (They are £920 and ¥122,000 as we write) we shall be all the more positively impressed. Gold, as a currency, was given its opportunity to break yesterday. It has not and it would not. That we find impressive.