Gold Attempting Thrust Out of Bull Flag Pattern
Commodities / Gold & Silver Dec 09, 2008 - 01:22 PM GMTBy: Mike_Paulenoff
As we speak, the SPDR Gold Shares (NYSE: GLD) is attempting to thrust out of a two-day bull flag type of formation, which represents the digestion period in the aftermath of yesterday's potent upmove from Friday's low at 72.91 to 77.03. If the bull flag resolves itself to the upside, then the GLD should climb towards a test of yesterday's high at 77.03 -- likely on the way to a test of more important resistance along the 11/25 down trendline -- now at 77.25. Only a break beneath today's pullback low at 75.08 will compromise the near-term technical set-up.
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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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