Price action on Gold (a daily chart of which is shown) as of Wednesday (3/23/2011) has risen further, continuing a week-long rally, to approach the newest all-time high of 1444.6 established just over two weeks ago. The current week-long rally began as a bullish bounce off the 1380 area, which is around the 38% Fibonacci retracement of the last major bullish run. For more technical analysis on gold, please click here for Wednesday’s (3/23/2011) Chart of the Day.
James Chen, CTA, CMT
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