Favorable Environment for Gold

Oct 26

by Mike Paulenoff, Thu October 26th, 2006

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It's the time of truth for the current upmove in the GLD as the price structure approaches critical near-term resistance between 59.65 and 59.80, which if hurdled and sustained should trigger upside acceleration towards the 63 next target zone. Concurrent with weakness in the dollar, strength in crude oil, and renewed downside pressure on longer-term Treasury yields, the "environment" for higher gold prices would appear to be much more favorable than it has been in the past few months.

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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