November 4, 2009 11:48 AM
Gold - Hitting New Highs
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Late last week, price action on spot gold (a daily chart of which is shown) formed a bullish engulfing pattern right at strong support in the 1025 region, which represented previous resistance. After that bullish engulfing pattern established the new support level, which also coincided with a key 50% Fibonacci retracement level, price shot up this week to overtake the previous all-time high above 1070. Currently having just established a new all-time high above 1095, price on gold is now shooting for greater heights, potentially around the 161.8% Fibonacci extension of the most recent bullish run. For more technical analysis on gold, please click here for Wednesday's (11/04/2009) 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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