Awaiting Reversal Signal For Gold (GLD)

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By Mike Paulenoff | Published 12/9/2009 | Futures , Stocks | Unrated

Awaiting Reversal Signal For Gold (GLD)

From the perspective of the Bollinger Bands, spot gold prices appear to be traversing the entire band width from $1225 to $1099 prior to expectations of a tradable low (buying opportunity). Let’s keep an eye on spot gold prices for additional weakness into the $1100 area and a technical upside reversal signal. If such a scenario unfolds, then we should look for a buying opportunity in the SPDR Gold Shares (GLD) in the 108.30-107.90 target zone.

Mike Paulenoff is a 26-year veteran of the financial markets and author of MPTrader.com.

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