Best Financial Markets Analysis Article The near-term pattern and technical set-up earlier this morning in spot gold -- which corresponds to the SPDR Gold Shares (NYSE: GLD) for ETF traders -- pointed to an upside thrust to test key near-term resistance at $810.65 concurrent with a test of key near-term euro/$ resistance at 1.4450/80. While the euro did rally a touch above 1.4480, the rally did not sustain, which helped to thwart the rally attempt in spot gold, which failed to claw its way above $810.00.

The failure of gold to hurdle $810.65 and its intraday decline to $800 could be significant technically because it argues that the pattern off of yesterday's low has carved out a wide consolidation area between $810 and $790, which could represent a new bearish consolidation area prior to another leg down to $750. In other words, $810.65 must be hurdled prior to a break of $790.

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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Comments

brura2718@yaqhoo.com
30 Oct 08, 02:43

Consolidation of Gold Bullion

This week prior to Halloween there has been remarkable movements

of bullion between banks and institutions in the tens of thousands o f

metric tonnes.

It's ironical that the listing of what the US government has or is showing

as in stock gold bullion is pitifully small compared to the

globalists springboards for gold bullion bank to bank :

see:

http://www.fms.treas.gov/GOLD/current.html

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