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Gold Should Resolve to Downside


Friday November 7th, 2008
Gold Should Resolve to Downside
by Mike Paulenoff www.MPTrader.com
Gold Should Resolve to Downside
By Mike Paulenoff, www.MPTrader.com

The streetTRACKS Gold ETF (NYSE: GLD) pattern offers an inverted view of the PowerShares DB Gold Double Short ETN (AMEX: DZZ) and shows the bearish coil pattern at the low end of the Sept-Oct downmove, which should resolve to the downside after the conclusion of the sideways pattern. I am establishing an initial model portfolio position this morning in case the coil is complete here, and will add to the short (DZZ) position if gold (GLD) climbs towards the 74.00 area and 36.80 in the DZZ.

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