Saturday, December 4, 2010
The Gold Express
Today's chart
(provided by Chart of the Day) provides some long-term perspective in regards to the gold market. As
today's chart illustrates, gold has been in a strong bull market since
2001. The pace of that upward trend increased beginning in mid-2005.
Following the financial crisis of late 2008, gold surged back up to
resistance of its accelerated uptrend (see red line) -- a 100% gain in
just over two years. After having tested the upper bounds of its
accelerated uptrend, gold has pulled back -- another failed test of
resistance. Over the past week, however, gold has resumed its upward
trend and is once again approaching/testing resistance.
Labels:
Gold