David Fuller's view Significant moves in the price of gold - up or down - occur against all fiat currencies. Therefore a review of bullion's current action in terms of various currencies seems timely.

Most of us monitor the price of gold mainly in USD (weekly & daily), especially those who trade futures contracts. While there is an overall consensus among gold analysts that the fundamental story of bullion's remonetisation in the eyes of investors remains intact, not least due to our brave new world of QE, the yellow metal has performed in the manner of a 'risk asset' following its accelerated peak at $1921 last September.

Therefore it is hardly surprising that sentiment towards gold has become considerably more cautious over the last several months. Anyone looking at the price charts above can see that gold is near an important level of previous support established by the spike lows in September and December 2011. One does not need to be a psychologist to recognise that sentiment would deteriorate further if gold breached those lows. Meanwhile, people can also see that the rally highs are declining and bullion is currently beneath its 200-day MA which has also turned downwards.

So, what is the outlook for gold quoted in USD and other leading currencies?

My previously stated hunch is that gold has largely completed its distribution stage during the first half of a lengthy medium-term corrective phase, similar to what we have seen following earlier accelerations above the MA over the last decade. If so, we are now in the early stages of the accumulation phase for gold, prior to an eventual resumption of the secular uptrend circa 2013.

However, this can only be confirmed with hindsight, requiring gold to not only hold its recent lows but also rally significantly above the MA, establishing a new short-term uptrend within the present range. An eventual, sustained push above the last two rally highs near $1800 would provide crowd-convincing evidence that bulls were back in charge.

In that event, the current platform of support which appears to be forming would be more than capable of sustaining another significant upward leg in gold's secular bull market. For this to occur, as I suspect it will, gold will have to regain some of its previous 'safe haven' status. I believe this is largely a psychological transition and there is nothing that builds confidence more than a clear uptrend.

If my analysis is correct we will see confirming and probably leading evidence of gold's next advance in its price action against other currencies. It will not have escaped your attention that the USD has been one of the strongest currencies over the medium-term. You can see this from the US Dollar Index which has been ranging higher over the last year. This is due primarily to its haven status during troubled economic times and also Wall Street's relative strength during the stock market corrective phase. USD strength is also confirmed by declines in both the Asian Dollar Index and particularly the Latin American Dollar Index.

You can see the influence of these currency trends in weekly charts showing the performance of gold in DXY, to a lesser extent when shown conversely in ADXY and particularly LACI. Incidentally, the US dollar looks short-term overextended so we should not be surprised if it gives up some gains as and when global economic concerns wane.

Against individual currencies, note gold's overall ranging, step sequence upward trend against the Swiss franc. This remains reasonably consistent and as delegates at The Chart Seminar know, we regard a consistent trend as a "trend in motion", meaning that there is no evidence that it is over. Since CHF has been pegged to EUR since last September, gold in EUR currently shows a similar pattern and the rising lows both previously and within the current range are a sign of accumulation.

Gold's gathering upward bias is even more evident against recently soft currencies such as the Indian rupee and the Brazilian real, where the overall upward trends are resuming. Note also its strength against the South African rand since last September.

Bullion looks less convincing against firmer currencies such as the Japanese yen, Chinese Renminbi, Singapore, Australian, New Zealand and Canadian dollars, although it has steadied recently. You will find charts of gold in plenty of other currencies in the Library, in the "Relative Charts - Commodities & Indices in Currencies".

Overall, I find the technical evidence encouraging although not yet conclusive. If correct, gold should be moving out of its lengthy medium-term corrective phase and into a ranging recovery, eventually followed by a surge for a few months prior to the next medium-term peak and lengthy pause. Inevitably, gold will be strongest against what prove to be the weakest fiat currencies.

The conservative way to participate is in a bullion fund. Gold mining shares are considerably more volatile and risky, but are arguably oversold, so there would be some very strong recoveries as the yellow metal attracts a renewed following. I will participate mainly in futures via UK tax-efficient spread-bets, favouring buying the dips and lightening on rallies, prior to leveraging up behind trailing stops if / when another acceleration phase commences.