Jan 18, 2010

FX Path

FX Path

Gold - Pennant Formation

Posted: 18 Jan 2010 09:24 AM PST

Gold Daily ChartPrice action on spot gold, a daily chart of which is shown, has formed a potentially bullish pennant consolidation pattern within the context of its rebound off December lows. This rebound is represented by a short-term uptrend support line extending from the December 22 support low around 1074. This all occurs within the context of an overall, continuing uptrend. For more technical analysis on gold, please click here for Monday’s (1/18/2010) Chart of the Day.

- James Chen, CTA, CMT

* For information on my book, Essentials of Foreign Exchange Trading (Wiley), please click here.
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