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MPTrader Mid-Day Minute
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 Near-Term Peak in Gold
By Mike Paulenoff, www.MPTrader.com In our 10 am posting to subscribers yesterday we discussed the powerful up-gap opening in the streetTRACKS Gold Shares (NYSE: GLD) and the fact that the GLD had hurdled the resistance line of its multi-month bullish price channel. We wrote: "This is very interesting action in the GLD -- to see if the up-gap up here can be preserved…[and] to see if the GLD can hold above its upper channel line (96.67) because usually a thrust above the upper channel concludes the underlying upleg." Forward fast to today's action and what we find is that 1) yesterday's up-gap has been more than filled completely, and 2) the GLD has reversed significantly back below the upper channel line, thereby suggesting to me (technically) that indeed a significant near-term peak has been established at yesterday's high of 97.74. My initial downside target is 93.75 to 92.70 in the GLD. For more of Mike Paulenoff, sign up for a Free 15-Day Trial to his ETF Trading Diary. |
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