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Spot Gold Technical Analysis (2010/07/20) Gold Touches Long-Term Uptrend Line

Gold (a daily chart of which is shown) as of Tuesday (7/20/2010), has just pulled back, touched, and bounced up off a long-term uptrend support line extending at least all the way back to the October 2008 low. This is potentially a highly significant trendline touch, as this line has defined the bullish trend in gold for at least the past 21-months. From a long-term perspective, therefore, price on gold is at a technically critical juncture. 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