Corrective Patterns in Gold & Silver
Mid-Day Minute for Mon May 17th 2010
by Mike Paulenoff, www.MPTrader.com
by Mike Paulenoff, www.MPTrader.com
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Newmont Mining (NEM), the SPDR Gold Shares (GLD) and Pan American Silver (PAAS) all exhibit corrective patterns off of the May 12 (last Wed) high into today's low, which warns us that when the profit-taking abates another powerful upleg should emerge. Right now, NEM is leading the attempt to reverse direction, while the GLD exhibits the most constructive near-term pattern. Do I want to add to long positions right here? No, not yet, but the day is young yet.
