Gold (a 4-hour chart of which is shown) as of Monday (7/19/2010), has tentatively dropped below its prior support of 1184-85 after breaking down below both a bearish rising wedge pattern last week and then a bearish inverted pennant pattern to begin the new week. For more spot gold analysis, please click here.

(Price on 1st pane, Slow Stochastics on 2nd pane; horizontal support/resistance levels in yellow; uptrend lines in green; downtrend lines in red; chart patterns in white; 50-period simple moving average in light blue.)

James Chen, CTA, CMT