Wednesday, July 15, 2009

Wednesday Commodities Round-Up

Click on all charts for a larger chart

On the multi-year chart, notice that we're still forming large reverse head and shoulders formation.

That places gold's latest move in context. What we have (so far) is a pennant pattern.

And on closer look we see that gold's sell-off may be nearing the end as indicated by the volume decrease over the last few weeks.