Awaiting Reversal Signal for Gold
Mid-Day Minute for Wed December 9th 2009
by Mike Paulenoff, www.MPTrader.com
by Mike Paulenoff, www.MPTrader.com
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From the perspective of the Bollinger Bands, spot gold prices appear to be traversing the entire band width from $1225 to $1099 prior to expectations of a tradable low (buying opportunity). Let’s keep an eye on spot gold prices for additional weakness into the $1100 area and a technical upside reversal signal. If such a scenario unfolds, then we should look for a buying opportunity in the SPDR Gold Shares (NYSE: GLD) in the 108.30-107.90 target zone.
