Gold: Rally To Fail?

08/29/2008 12:00 am EST

Focus: ETFS

Thomas Aspray

, Professional Trader & Analyst

Gold is trying to rebound as GLD reached support in $75-77 creating a short term oversold condition.. First resistance in the $85 area and the 200 day ma with more important at $88-90. This rebound should fail and then expect a drop below the recent lows with next good support in the $70 area.

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