Gold (in Euros) looking to break out

Outside of all the fundamental reasons to own gold, there are now some very good technical ones.  In dollar terms, Gold has broken out of its 6 month falling trendline.

More exciting -- Gold in Euro terms has formed an Inverse Head and Shoulders on the Daily Chart and a W on the Weekly Chart.

Weekly:
http://stockcharts.com/h-sc/ui?s=$GOLD:FXE&p=W&b=5&g=0&id=p06548395061

Daily:
http://stockcharts.com/h-sc/ui?s=$GOLD:FXE&p=D&b=5&g=0&id=p54692884900

This portends for higher prices ahead, probably in combination of a lower euro and higher nominal gold prices.

We may encounter a slight pullback to $1700 as ST bullish sentiment has become crazed, before continuing on to much higher prices.

No one ever went broke...

....taking profits.

Sold Merck (MRK) @ $39, 31% gain with dividends.
Sold AK Steel (AKS) @ $9,  26% gain.
Sold Amgen (AMGN) @ $69, 28% gain with dividends.
Sold Activision (ATVI) @ $12.10, 7% gain.
Sold Norfolk Southern (NSC) @ $77, 19% gain with dividends.

More dividend payers

Bought Illinois Tool Works (ITW) @ $46.
Bought AT&T (T) @ $30.30.


Both are yielding more than 3%.