Is Gold’s Correction Over?

08/06/2010 10:02 am EST


Thomas Aspray

, Professional Trader & Analyst

Click to Enlarge

Gold's decline in late July took GLD back to stronger chart and retracement support as the 50% level at $113 was tested. Even though the recent rebound has broken the downtrend, the technical studies like the OBV are still negative. They suggest that the correction is not yet over. The 61.8% retracement support and Fibonacci projections are in the $100.40 area. A drop to this area could complete the corrective pattern.

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

Related Articles on COMMODITIES

Keyword Image
Rio Tinto: Copper Plus
09/13/2018 5:00 am EST

I think exceptional returns for the metals are a slam dunk for long-term investors who take advantag...