Gold Action Is Bullish

02/02/2010 1:40 pm EST


Thomas Aspray

, Professional Trader & Analyst

Click to Enlarge

In last Thursday's Trading Lesson (click here to read), we discussed the support levels for GLD, concluding that a retest of the lows and then a turn in momentum could complete the correction. The RSI3 turned higher Monday, and the action so far on Tuesday is positive. A break in the downtrend would complete the triangle formation, suggesting that the uptrend has resumed. The Fibonacci and chart formation targets are in the $123.50 area. Once the downtrend is broken, I would look for a one- to two-day pullback for a good entry point.

Related Articles on COMMODITIES

Keyword Image
4 Gold Mining Turnarounds
03/19/2018 5:00 am EST

We recognize that we can’t predict the price of gold. Rather, we view gold mining companies th...