Open an Account Practice Account Account Funding Login Information
Forex Trading CFD Trading Spot Metals Trading
GTS Platforms MetaTrader 4 Automated Execution EBS Pricing Advantage
Trading Examples WebinarsEducation Center MetaTrader 4 TutorialsEconomic Calendar Glossary FAQs
Company Profile Regulatory Information
White Label Partnerships Introducing Brokers Institutional Trading Solutions Company Profile
Contact Us Account Forms Live Chat TechNotes

Chart of the Day

More Articles >

Gold Daily Chart — July 27, 2010

By James Chen , Published: 07/27/2010
(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.)

7/27/2010 – Spot Gold – Price action on gold (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. The current trendline breakdown occurs after price hovered for about a week above the trendline. Currently, an immediate downside support target on this breakdown resides in the 1160 price region. In the event of further bearish momentum on this breakdown, a further downside target resides in the 1145 price region.

To download the latest version of FX AccuCharts
please click here: Download FX AccuCharts
 
James Chen, CMT
Chief Technical Strategist,
FX Solutions

*IMPORTANT NOTICE: The information contained herein is solely for informational purposes and should not be construed as trading advice. FX Solutions ("FXS") believes that the information contained herein is accurate however, FXS cannot guarantee the accuracy of said materials. Under no circumstances shall FXS have any liability to any person or entity for (a) any loss or damage in whole or in part caused by, resulting from, or relating to, any error (negligent or otherwise) or other circumstance in connection with the collection, compilation, analysis, interpretation, editing, transcription, transmission, communication, publication or delivery of such information, or (b) any direct, indirect, compensatory or incidental damages whatsoever (including without limitation, lost profits) resulting from the use of or inability to use any such information. The charts and other opinions constituting the information contained herein are, and must be construed solely as statements of opinion and not statements of fact, recommendations and/or trading advice. FXS cautions that no single source of information should be used when making trading decisions. Click here for more information.