Gold challenging bull trend so watch this support: Chart of the Day

Let me be clear - I'm long-term bullish on gold. That said, it's still smart to be aware of prices and times when gold tests support or resistance. Currently in this ongoing pullback from all-time highs, gold is testing support. I'm leaning to the idea it'll move upward from this test, but let's watch carefully to be sure. This test shows up in long-term charts, so we're pleased to share this big-picture view from http://www.chartoftheday.com, see below:

Chart of the Day - Gold challenging bull trend
November 23, 2011

Today's chart provides some long-term perspective in regards to the gold market. As today's chart illustrates, the massive bull market in gold that began in early 2001 is alive and well. In fact, as today's chart illustrates, the pace of the gold bull market has only increased over time. Since peaking in early September 2011, however, gold has retreated. Each pullback has brought gold back down to support (green line) of its accelerated uptrend. Over the past two weeks, gold has declined once again and has crossed below the $1700 per ounce level and is once again testing support.

Notes:

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Quote of the Day
"Gold bears the confidence of the world's millions, who value it far above the promises of politicians, far above the unbacked paper issued by governments as money substitutes. It has been that way through all recorded history. There is no reason to believe it will lose the confidence of people in the future." - Oakley R. Bramble

Events of the Day
November 24, 2011 - Thanksgiving Day

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