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
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