What’s Next for Gold?

02/08/2010 1:04 pm EST

Focus: COMMODITIES

Thomas Aspray

, Professional Trader & Analyst

chart
Click to Enlarge

It has been a wild week for most of the markets, gold included. Last week (click here for chart), there were some early signs that gold may be bottoming. The rally stalled the next day as gold failed to complete its triangle formation and the RSI3 was unable to break through its resistance. Friday’s action seemed a bit like panic selling, which may have been enough to shake out the weak longs. Gold is up sharply at mid-day, but I still would look for a confirmed breakout, then a one- to two-day setback to find a good entry.

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