New Recovery Highs for Gold

Aug 18

by Mike Paulenoff, Wed August 18th, 2010

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Today's early weakness in gold has totally reversed, with the SPDR Gold Shares (NYSE: GLD) pivoting off of 119.00 into a powerful rally to new recovery highs at 120.51 so far.

My near-term technical work points still higher, into the 121.60-122.00 area next. Only a decline that breaks this morning's low at 119.00 will compromise the current bullish set-up.

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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