Gold Unfinished on Downside
Mid-Day Minute for Mon January 25th 2010
by Mike Paulenoff, www.MPTrader.com
by Mike Paulenoff, www.MPTrader.com
If my work in spot gold is accurate, then the SPDR Gold Shares (NYSE: GLD) has unfinished business on the downside that will break the Dec-Jan lows at 105.31 and 106.01, on the way to 103.00-100.00 to complete the larger correction off of the 12/03 high at 119.54. For such a new downleg to emerge, my suspicion is that gold weakness will be a function of a sharp surge in the dollar. The question is what will trigger a flight to dollars. Global stock market weakness? European economic and/or “union” disintegration? Or continued fears of a contraction in China?
Login to our "Echo" Comment System by using your user name and password from any of our AdviceTrade services (AdviceTrade.com, TheTechTrader.com, MPTrader.com, MarketsPath.com, and SwingTradeOnline.com):
