Gold Trend Still Positive

06/01/2010 2:34 pm EST

Focus: COMMODITIES

Thomas Aspray

, Professional Trader & Analyst

chart
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Gold was up 2.7% in May despite the sharp setback from the $1250 area, which did hold our support zone (click here for chart). The monthly OBV is still rising strongly, which is a positive sign even though it has not yet made new highs. A higher close in June is needed for confirmation. Daily and weekly analysis is positive. Next target is in the $1300 area with Fibonacci targets and the upper trend line at $1360-$1380. We will be watching new highs closely.

Tom Aspray, professional trader and analyst, serves as video content editor for MoneyShow.com. The views expressed here are his own.

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