Unfinished Business on the Downside for Gold - Mid-Day Minute for Fri January 18th 2008

Jan 18

Unfinished Business on the Downside for Gold

by Mike Paulenoff, Fri January 18th, 2008

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Unfinished Business to the Downside for Gold
By Mike Paulenoff, www.MPTrader.com

Once again the streetTRACKS Gold Shares (NYSE: GLD) has attempted an early session rally, but appears to have failed below key near-term resistance at 88.00 -- and has since reversed below 87.00 and now finds itself in an ominous near-term position. As for as my pattern and momentum work is concerned, the GLD still has unfinished business to the downside prior to the completion of the correction that started at the 1/15 high of 90.34. The optimal target zone for the current down-leg is below 85.50.

Chart

Mike Paulenoff is author of www.MPTrader.com, a real-time diary of his technical analysis & trade alerts on ETFs for precious metals, energy, currencies, and an array of equity indices and sectors, including international markets, plus key ETF component stocks in sectors like technology, mining, and banking. Sign up for a Free 15-day Trial!

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