FX Path

Posted: 18 Sep 2009 08:32 AM PDT

Price action on Gold, a daily chart of which is shown, after just breaking out above the previous 1006 resistance high and hitting a new high near 1024 this week, has dipped back down to the level of breakout. This price action occurs within the context of both a long-term uptrend as well as a steep short-term uptrend extending from the beginning of September. For more technical analysis on Gold, please click here for Friday’s (9/18/2009) Chart of the Day.

- James Chen, CTA, CMT

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