Gold (a daily chart of which is shown) as of Wednesday (9/29/2010) has been hitting new all-time highs almost everyday for the past two weeks.
Currently, having reached a new all-time high approaching 1313, price action should soon be due for a correction within the remarkable long-term uptrend that has characterized the price of gold for at least the past several years.
Having just slightly exceeded the 138.2% Fibonacci extension of the most recent bearish run, gold’s next key Fibonacci level at the 161.8% extension resides around the 1330 price region. In the event of an impending bearish correction that begins anywhere from the current price up to this 161.8% Fib level, a key initial downside support target resides around the 1265 price region, which is the area of the last major all-time high hit in late June.
Good Luck and Take Care.
