Gold Reaching Next Target

06/18/2010 11:03 am EST

Focus: COMMODITIES

Thomas Aspray

, Professional Trader & Analyst

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Gold has continued to move steadily higher, and despite talk a month or two ago about a bubble, the volume analysis has been pointing higher all year. Gold is now reaching our next Fibonacci target in the $1252 area, with the upper starc bands at $1300. There are additional Fibonacci targets at $1362 and $1407. The weekly OBV is above its WMA but has not yet made new highs, while the monthly OBV is at new all-time highs. The first sign of trouble would be a weekly reversal.

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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