Jun 14

Gold's Slide Appears to be Contained

The time of truth for the streetTRACKS Gold Shares (NYSE: GLD), with oil, coal and general commodity prices -- the PowerShares DB Commodity ETF also (AMEX: DBC) -- acting very strong now. Let's notice that the GLD's slide from late April from 68.73 appears to be contained just above the rising 200 DMA at 63.28. Although as of yet I have no confirmation of the establishment of a significant low, a sustained climb above 64.90 will trigger an initial such signal that should inaugurate a climb that retests the April high.
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!