Upside Acceleration in Gold

Sep 17

by Mike Paulenoff, Wed September 17th, 2008

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Upside Acceleration in Gold
By Mike Paulenoff, www.MPTrader.com

The big picture in the SPDR Gold Shares (NYSE: GLD) shows today's powerful upside acceleration from 77.00 to 82.00 amidst very strong and confirming underlying daily momentum RSI readings. The pattern, momentum, and pervasive fear that the US banking system has been compromised is fueling the run into gold and gold stocks, at least for now. My next optimal target zone in the GLD is 83.50-84.50.

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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