Gold Targeting Decline Towards $850
Commodities / Gold & Silver Jan 17, 2008 - 07:44 PM GMTBy: Mike_Paulenoff
The streetTRACKS Gold ETF (AMEX: GLD) looked like it was going to rocket this morning in a flight to quality type of trade. However, a closer look at the near term chart structure argues just the opposite-- that the GLD is very tired, and is in the midst of an initial correction of its near-vertical advance off of the Dec. breakout point just above 78.00. See our chart at MPTrader.com "Markets" section.
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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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