Gold has traded in a range of $1,341 to $1,354 so far today…as of 11:30 am Pacific, the yellow metal is up $5 an ounce at $1,347…Silver has declined 11 cents to $27.46 while the greenback remains under some pressure…the U.S. Dollar Index has slipped another one-quarter of a point to 77.92…we believe the evidence supports a major reversal for Gold very soon…this possibly could be preceded by another dip and if that should occur, it would be a final “shakeout” prior to another major move to the upside…several indicators are telling us that Gold is almost ready to take off again…the action in the CDNX…the chart of the TSX Gold Index as outlined in our Week In Review (Part 1) Saturday as well as John’s recent “Big Golden Picture” chart…and the latest COT report (commerical traders) for Gold which shows the commercial traders have sharply scaled back their short positions…the commercial traders are hardly ever wrong…the fact they have reduced their short positions so sharply, to levels not seen since last July, is the final piece of evidence we need to see that Gold is about to head north…do not allow yourself to get fooled by a potential near-term final spike to the downside…February is likely to be a very different story for precious metals based on the above, so keep that in mind…this is a very bullish-looking set-up…physical demand continues to be strong and this we believe will help put a floor on Gold…lots of news coming out of the U.S. this week…Obama delivers his State of the Union address tomorrow night and is expected to focus on jobs and the economy…at some point in the future, a State of the Union address will focus on the crisis of debt in America and the urgent need to reduce it…this issue hasn’t quite crystallized yet in the United States…dozens of earnings reports are due this week as well as a slew of U.S. macroeconomic data and a FOMC statement as well