This chart is just in from regular contributor Chris Kimble, a 30-year+ market technician and student of Sir John Templeton. This morning Chris looks at the big picture in gold, which has been in a 10-year rising channel. But there's much more to this pattern. Here's the commentary that accompanied the chart:

Was the 1,000 point intraday decline due to an accident?

The rally in gold has been anything but an accident, since the lows reached in 2001.

Could gold skyrocket from this price point? Anything is possible. Three small hurdles need to be taken out for this to happen.

Fibonacci 161%, top of the rising channel and a rising wedge, all three need to be broken to the upside before gold could grow wings.

Will the "Power of the Pattern" win again?

For feedback or more information, email Chris at KimbleChartingSolutions@gmail.com.