Big Day For Gold

Mar 18

by Mike Paulenoff, Tue March 18th, 2008

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Big Day for Gold
By Mike Paulenoff, www.MPTrader.com

Big day for gold and the streetTRACKS Gold Shares (NYSE: GLD) because just about everyone believes that the Fed will cut rates 75 to 100 bps, which will crush the dollar and trigger another upleg in gold. My technical work argues differently -- that the GLD has peaked and that "good news" will be sold at the top of the Jan-Mar channel, and the GLD will traverse towards the lower portion of the channel, now in the vicinity of 94.00.

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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MPTrader features Mike Paulenoff's real-time technical analysis & trade alerts on ETFs for precious metals, energy, currencies, and an array of equity indices & sectors, including international markets, plus key ETF component stocks in sectors like technology, mining, and banking.
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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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