I am using the Gold Etf (GLD) for charting purposes, but we have essentially an identical setup in the commodity itself. As Bernanke hints again more policy easing would be appropriate if the economy doesn't wake up (shocker!) and the European debt issue lends itself to one final solution (ECB printing), the yellow metal continues its run. Gold is now at yearly highs and unless we have a double top forming, seems well on its way to break out to a new level.
As I have been saying for a few years, the move in gold has little to do with the traditional hedge against inflation and everything to do with the abject disrespect for fiat money by the world's central bankers - ours in particular.