![\"gold,](\"http:\/\/www.laidtrades.com\/wp-content\/uploads\/2010\/09\/090210gold.png\")
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Welcome to a brand new month of trading! In today\u2019s feature is the monthly chart of gold\u00a0(kindly check here<\/a> for my last post on it). The month of August was a good one for the gold bulls as the price of gold was able to rebound after if fell to a low of $1,157.15 per ounce after tapping a new all-time high of $,1265.05 back in June. As you can see, the price of gold sprung back after finding some support at its 19-month uptrend line (black trend line). Presently, it seems that gold is poised for a bullish breakout since it has been consolidating within\u00a0 an ascending triangle for the last 5 or 6 months. If it\u2019s able to move above the high at $1,265.05, it could set a new high by potentially reaching $1,500.000 (gauged by measuring the height of the triangle). However, if it is unable to do so and the black uptrend line breaks, the price of gold could fall all the way down to $1,000.00 or even back at the longer term uptrend line (blue line).<\/p>\n The commodity dollars like the Aussie, Kiwi, Swissy, and Loonie could benefit from the gold move upwards. Why? Well, the mentioned currencies have about 80% correlation with the price of gold. Hence, whenever gold loses value, the comdolls tend to fall as well and vice versa. A rise in gold prices could at least temper these currencies\u2019 move downward. An upside move could likewise benefit the mining industry particularly those companies which produces gold. Of course, the mining companies\u2019 revenues and profits would increase even if the volume of their production remains the same.<\/p>\n