The chart below is a weekly chart of gold going back 3 years. I feel that it is essential to look at many different time frames when doing technical analysis, and the weekly chart is one of the most important time frames. The main reason I am posting this chart today is to show that gold is still in a strong uptrend, despite some recent selling.
If you notice in the above chart, the 50 week moving average, which is the dotted yellow line, you will see that for the past 3 years, gold has never dipped below this line. Despite some very heavy selling these past few weeks, gold descended to the 50wma, but never violated it. In fact, the bears took gold right down to this line a couple days ago, but the bulls were able to successfully defend against the bears at this important juncture. I believe that this proves that the bulls are still in control, and that the long term bull market in gold is intact.
In the above chart, we have a daily chart of GLD, the gold ETF. The main thing to focus on in this chart is that gold has bounced off its 200 day moving average. I believe that this is a very rare situation where both the weekly and the daily chart are giving powerful evidence that gold is at major area of support. This is why it is important to look at several time frames. It can help you build a much stronger case.