Key Levels to Watch for Gold - Mid-Day Minute for Wed October 7th 2009

Oct 07

Key Levels to Watch for Gold

by Mike Paulenoff, Wed October 7th, 2009

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The most salient feature of the weekly chart of spot gold is a cluster of critical support left behind this week at $1000-$985.00. Now that gold prices have spike to $1050 – likely on the way to $1180-$1220 next – any “intervening” weakness should be bought unless and until the price structure chews below $1000-$985. First pullback buy zone is $1037-$1033, with the second pullback buy zone at $1025-$1020. We’ve been participating in gold via the SPDR Gold Shares (NYSE: GLD) and Market Vectors Gold Miners ETF (NYSE: GDX).

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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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Spot gold continues to respect the integrity of its up-slanted channel off of the Dec 29 corrective low at $1522.48. More…

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