Technical Trading Tips and Techniques by 
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 in the 1160 price region. For more technical analysis on spot gold, please click here for Friday’s (4/09/2010) 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 book, Essentials of Foreign Exchange Trading (Wiley), please click here.
the oscillator is overbought although with no sign of a divergence showing(this being the only leading indication), other that that i’d say we’re in for a correction…or at least i’m hoping to get one ..
we have now a shooting star at 1161 resistance level, so we will have at least a correction until the up trend line will be reached. the 1145 level is not important so i don’t think that the price will stay at this level, will be breached quicly. And the next major suport is at 1083.
i hope i’m right :))
1083 will be right up my alley