Gold's Recovery Rally Continues

May 20

by Mike Paulenoff, Tue May 20th, 2008

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Gold's Corrective Rally Continues
By Mike Paulenoff, www.MPTrader.com

The rally off of the May 2 low at 83.06 in the streetTRACKS Gold Shares (NYSE: GLD) has recovered to 90.78 so far, and appears to have more in it that should propel prices towards 92.00/60 prior to completion. If that proves to be the case, then my work will argue that an "intervening" recovery rally ended, which separates two larger downlegs within an intermediate-term corrective process

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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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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