Gold at Important Pivot Low? - Mid-Day Minute for Wed May 2nd 2007

May 02

Gold at Important Pivot Low?

by Mike Paulenoff, Wed May 2nd, 2007

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In yesterday's 1:45 pm ET post on the GLD, we discussed the possibility of a "false breakdown," which violated key "neckline" support at 66.50 but failed to generate any downside traction "because of' the power of the rising 50 DMA at 66.15. Judging by today's price behavior, perhaps such a scenario is exactly what is developing. At this juncture the GLD needs to hurdle and sustain above 67 to trigger initial confirmation that an important pullback pivot low has been established at today's low of 66.14, and that a new upleg has started.

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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