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Price action on Gold, a daily chart of which is shown, after just breaking out above the previous 1006 resistance high and hitting a new high near 1024 this week, has dipped back down to the level of breakout. This price action occurs within the context of both a long-term uptrend as well as a steep short-term uptrend extending from the beginning of September. For more technical analysis on Gold, please click here for Friday’s (9/18/2009) Chart of the Day.
- James Chen, CTA, CMT
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Hi James,
Do you think there will be a retest of the break out or a retest of a support? If so at what level would you expect!
Thanks for your comments.
Hi Si,
Thanks for your comments, and sorry for the late reply. I will post some more analysis on Gold soon. Thanks again, Si!
James Chen