Price action on Gold (a 4-hour chart of which is shown) as of Wednesday (12/15/2010) has continued to respect a parallel uptrend channel that extends back to the late July low. This channel represents accelerated bullishness within the larger context of a much longer term uptrend. Currently, price action is near the bottom support line of this channel. For more technical analysis on gold, please click here for Wednesday’s (12/15/2010) Chart of the Day.
James Chen, CTA, CMT
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