Gold Emerging to the Upside - Mid-Day Minute for Tue November 21st 2006

Nov 21

Gold Emerging to the Upside

by Mike Paulenoff, Tue November 21st, 2006

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It looks like the equity markets continue to consolidate within a high-level congestion area-- perhaps ahead of another thrust to the upside in sympathy with the growing positive seasonal starting tomorrow AM.

Looking at gold, the GLD appears to be emerging from its two-week sideways congestion area and exhibits the requisite underlying momentum juxtaposition to support upside acceleration to retest the prior high at 63.13...on the way to 64.50. Only a decline that breaks below 61-60.80 support will compromise the constructive near-term pattern.

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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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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