Gold (a 4-hour chart of which is shown) as of Friday (8/20/2010), has been in a bullish trend for the last three weeks after bottoming out just below 1160 support. This occurs within the context of a long-term uptrend and after price descended from its all-time high around 1265 in late June. The latest three-week bullish run has formed a steep parallel uptrend channel. For more spot gold technical analysis, please click here.

James Chen, CTA, CMT