Gold Finished With Recovery Rally?

Apr 10

by Mike Paulenoff, Thu April 10th, 2008

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Gold Finished With Recovery Rally?
By Mike Paulenoff, www.MPTrader.com

Yesterday my work was telling me to await one more new recovery high into the 93.20/60 area prior to considering a short position in the streetTRACKS Gold Shares (NYSE: GLD). Naturally, prices have weakened this morning. However, I am NOT convinced that the recovery rally off of the 4/01 low at 86.05 is complete on the upside. I will stand aside for a while longer prior to committing $ to the short side of the GLD.

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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