Spot Gold – Bearish Correction to Long-Term Uptrend Line
March 11th, 2010 admin
Recent bearish price action on spot gold, a daily chart of which is shown, has prompted a correction back down to the long-term uptrend support line. This bearish correction occurs right after price reached a high of around 1145 just last week. As of Thursday (3/11/2010) morning New York session, price is hovering right around the key trendline. For more technical analysis on gold, please click here for Thursday’s (3/11/2010) Chart of the Day . – James Chen, CTA, CMT * For information on my DVD set, High-Probability Trend Following in the Forex Market , please click here . * For information on my
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Within the month of December, the dramatic bearish correction in spot gold (a daily chart of which is shown) has brought price action severely off the all-time high around 1225 hit early in the month. This month-long bearishness has thus far corrected the steep, and subsequently overbought, run-up in Gold that had occurred for several months prior...
Despite the deep bearish correction that occurred in spot gold (a daily chart of which is shown) in the month of December, price action has begun what could turn out to be a significant rebound as of the beginning of 2010. This occurs within the context of an overall, continuing uptrend. The December bearish correction brought price down to a...
Price action on gold (a daily chart of which is shown) as of Friday (7/23/2010), continues to hover just above a long-term uptrend support line that extends at least all the way back to the October 2008 low. This occurs after price pulled back to the trendline on Monday and has adhered to its dynamic support since then. As mentioned earlier this...
Price action on spot gold, a daily chart of which is shown, has made a swift and pronounced bounce off a long-term uptrend support line. This long-term trendline was falsely breached in early February, but has subsequently been respected since then. Most recently, price action descended back down to the trendline last week before making the pronounced...
Price action on spot gold, a daily chart of which is shown, continues to rise steeply in line with the recent bullish rally that began in late March. This rally occurs within the context of a long-term uptrend. After having broken out above the key 1130 and 1145 resistance levels this week, price is currently approaching further upside resistance...
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