On the daily chart, yesterday's bearish drop of 99c on the contract seems to presage a downside target of $73-74 on the uptrend line.
On the weekly chart, The resistance-turned-support from '06-'07 seems to suggest that the $73-74 band on the daily chart could turn out to be rather strong.
Also, the Fibronacci retracement target suggests that the bull won't retreat until we hit at least $85, which also happens to be a minor resistance formed due to a small congestion area at the outset of '08.
Now, arguably the hottest commodity of the season. Gold:
The doji in the Dec 3rd session has proven its worth as an omen of the sharp reversal which occurred on the very next session.
A medium uptrend line on the daily chart suggests a downside target of $1030-1075, but the more likely target is suggested by the minor uptrend line: $1080-1100.
On the weekly chart, an ominous 'spinning top'-like black candlestick has appeared which bolsters the case for an immediate correction.
But from the trendlines drawn, one can see why Marc Faber so boldly predicted that Gold will never fall below $1000/ ounce ever again!
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