New Upleg for Gold?
Mid-Day Minute for Thu March 18th 2010
by Mike Paulenoff, www.MPTrader.com
by Mike Paulenoff, www.MPTrader.com
Gold should not be up today, but it is. The strength of the dollar against the euro and the yen usually has a negative impact on gold, but something else appears to be going on that the price pattern and technicals are warning about. My pattern work argues that I need to treat the Feb 5 low at 102.28 in the SPDR Gold Shares (NYSE: GLD) as the end of a significant correction off of the Dec 3 high at 119.54. If that is correct, then all of the action since Feb 5 represents an “unwinding” into a new upleg that should thrust above key near-term resistance at 112.18 (from Mar 3) on the way to a revisit of 118-120 thereafter.
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):
