Gold price action (a daily chart of which is shown) as of Tuesday (7/27/2010), has just tentatively broken down below a long-term uptrend support line that extends at least all the way back to the October 2008 low. This breakdown is significant because the broken trendline has accurately defined the bullish trend in gold for at least the past 21 months. For more spot gold technical analysis, please click here.

James Chen, CTA, CMT