GLD Still Correcting

01/27/2010 2:27 pm EST

Focus: ETFS

Thomas Aspray

, Professional Trader & Analyst

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Gold and the Spyder ETF GLD are back to testing last week’s lows though the futures managed to close higher Tuesday on heavy volume. GLD is testing the 38.2% support from last year’s lows. There are further Fibonacci targets in the $104.90-$105.30 area with more important Fibonacci support in the $102.30-$103 area. This level I would expect to hold but we need to see positive momentum to confirm the lows.  For more on the metals see this week’s trading lesson. Click here to sign up for the weekly newsletter.

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