Upside Reversal Imminet for Gold

Jun 22

by Mike Paulenoff, Mon June 22nd, 2009

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Based on a textbook head-and-shoulders top pattern, the downside measured target in the SPDR Gold Shares (NYSE: GLD) is 89.50, which also happens to coincide with a test of the Jan-June up trendline, now at 89.20. If the last portion of this decline does unfold in textbook fashion, then we should be looking for an upside reversal (buy) signal in the upcoming hours – to initiate a potent upmove into the 93.50-94.00 area.

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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