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MPTrader Mid-Day Minute
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| Wed Apr 2nd 2008
Gold Works Off Oversold Condition Ahead of Next Downleg
By Mike Paulenoff, www.MPTrader.com The strength off of yesterday's low at 86.05 to 88.40 in the streetTRACKS Gold Shares (NYSE: GLD) represents a recovery bounce within an incomplete downside correction that projects into the 83.00 target zone prior to completion. The only question for me is whether or not "the bounce" continues higher to 90.00 prior to the next rollover. My intraday work is telling me that at the very least, the GLD needs more time to work off the near-term oversold condition ahead of the next downleg. I will remain on the sidelines for now. For more of Mike Paulenoff, sign up for a Free 15-Day Trial to his ETF Trading Diary. |
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