Chart of the Day - Gold doubled over the last two years

The gold chart concerned me enough to post about it last night (you can see that below). Then today the folks at Chart of the Day produced a long-term chart of gold - neat coincidence! I can't really speak to what they're forecasting but I'm certain there are some seeing a potentially very big wave count completing. Yet, I tend to feel basically bullish on gold for the long term ... So I'm preferring the thought that a correction that may happen from the head & shoulders pattern I posted about, would be a temporary low and buying opportunity. At any rate - let's see what the "Chart of the Day" is showing today:

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Today's chart 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.

Notes:
- Does the gold rally continue or is the party over? The answer may surprise you. Find out now with the exclusive & highly regarded charts of Chart of the Day Plus.

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Quote of the Day
"There can be no other criterion, no other standard than gold. Yes, gold which never changes, which can be shaped into ingots, bars, coins, which has no nationality and which is eternally and universally accepted as the unalterable fiduciary value par excellence." - Charles De Gaulle

Events of the Day
November 25, 2010 - Thanksgiving Day
December 01, 2010 - Hanukkah (1st day)

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