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Is this the start of a gold bull market?

One-hundred-gram gold bars sit on a one-kilogram gold bar, center, at Gold Investments Ltd. bullion dealers in London, July 15, 2014.
Chris Ratcliffe | Bloomberg | Getty Images
One-hundred-gram gold bars sit on a one-kilogram gold bar, center, at Gold Investments Ltd. bullion dealers in London, July 15, 2014.

Many strategists are saying a gold bull market has just begun, as investors crowd into the one asset that isn't getting debased by central banks. Chart analyst point to the price breaking out of long-term resistance levels.

"The breakout above technical re-entrance levels ($1,250) has placed a new floor from which the rally is likely to continue," said Peter Cardillo, chief market economist at Rockwell Global Capital. "We look for a climb towards to $1,325-$1,350 in the near term."