Gold Nearing Downside Exhaustion
Commodities / Gold and Silver 2012 Dec 30, 2011 - 02:49 AM GMTBy: Mike_Paulenoff
Although right now we only have anecdotal evidence that that SPDR Gold Shares (GLD) might be making a significant multi-month corrective low in the vicinity of 148.50/25, all of my timeframe work from 5 minutes through the enclosed daily suggest that the price structure is nearing downside exhaustion.
In the absence of some very negative, sudden catalyst, such as EUR/USD falling off of a cliff in reaction to some negative event, the GLD is poised for a period of recovery strength and/or bottoming action in the upcoming hours and days.
Should such a rally emerge, 155-57 is my initial optimal resistance target zone.
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By Mike Paulenoff
Mike Paulenoff is author of MPTrader.com (www.mptrader.com), a real-time diary of his technical analysis and trading alerts on ETFs covering metals, energy, equity indices, currencies, Treasuries, and specific industries and international regions.
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