Gold Continues Powerful Upmove

Nov 09

by Mike Paulenoff, Thu November 9th, 2006

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The GLD continues its powerful upmove to a recovery rally of 63.09. In so doing, the price structure has filled the remaining gap left behind during the Amaranth plunge -- beginning on Sept. 7 with the gap down from the Sept. 6 close at 62.85.

If the GLD holds its gains despite filling the gap, and closes above the gap, then we should expect upside continuation to my next measured target zone of 65-66.

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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