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By Mike Paulenoff, www.MPTrader.com
Gold continues to act extremely well, despite a still-strong performance of the dollar and general commodity weakness. Why? I am not sure, but there is certainly no shortage of fear about markets, economic growth, beleaguered banking systems, and growing budget deficits to elicit a newfound attraction to gold. From a technical perspective, all of the action since Tuesday's rally peak in the SPDR Gold Shares (NYSE: GLD) at 85.29 acts like a bullish consolidation area ahead of another thrust that should hurdle 85.29 on the way to 86.30/60. Only a decline that breaks below 83.00 will argue that a deeper near-term correction is materializing ahead of the next upleg.
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!
