width=398Gold (a 4-hour chart of which is shown), as of Thursday (7/15/2010), has formed a rising wedge pattern after dropping significantly from the metal's all-time highs hit in late June. This rising wedge hints at further bearishness on a significant breakdown below the wedge's lower border. 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