Gold in Potential Double Top Pattern
Commodities / Gold & Silver Nov 30, 2007 - 05:26 AM GMTBy: Mike_Paulenoff
Under the circumstances, I thought the equity market handled "the day after" in relatively strong fashion. I leave you this evening with an updated look at the GLD, which closed in precarious technical condition...
Let's notice that the streetTRACKS Gold Shares (NYSE: GLD) closed at the low of the session, leaning against its Aug-Nov support line, now at 78.10/05. If that line is violated, then the potential for a Double-Top pattern increases dramatically, which projects a target zone of 72.00. Tomorrow could be a pivotal session for the GLD, especially if the dollar continues to strengthen versus the Euro.
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By Mike Paulenoff
Mike Paulenoff is author of the MPTrader.com (www.mptrader.com) , a real-time diary of Mike Paulenoff's trading ideas and technical chart analysis of Exchange Traded Funds (ETFs) that track equity indices, metals, energy commodities, currencies, Treasuries, and other markets. It is for traders with a 3-30 day time horizon, who use the service for guidance on both specific trades as well as general market direction
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