Gold Set Up For Major Bottom

``The weekly chart is ugly, but it too suggests that this could be a major bottom. The price has reached downtrending support. The 13 week rate of change is near the level where gold's price bottomed in 2008. In addition to the commercials and large and small specs, this chart shows that gold producers have reduced their short positions to the level reached at the 2008 bottom, and managed money has reduced its long position to the level of the 2008 bottom. All of these things point to a potential bottom here.''