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By Mike Paulenoff, www.MPTrader.com
Gold and the streetTRACKS Gold Shares (NYSE: GLD) are having an interesting session... but their fate may be increasingingly linked to the direction of Euro/$ (or perhaps Euro/Yen these days). Let's notice that at today's low, the Euro/$ appears to have satisfied an equidistant 2-leg correction off of its July high, and is attempting to hold and to rally off of the 1.2500 equidistant support area. Meanwhile, spot gold has reversed sharply off of a new reaction low at $680.75, which is about $50 or 7% off of its equidistant corrective target at $630. Perhaps gold is climbing in sympathy with the euro bounce, but if the euro gives up I have to expect gold to head for $633 next prior to a very important low. For the time being, we will remain long the GLD in our model portfolio into the latter portion of today's session.
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!
