Corrective Patterns In Gold And Silver

Popular Articles

By Mike Paulenoff | Published 05/17/2010 | Futures , Stocks | Unrated

Corrective Patterns In Gold And Silver

Newmont Mining (NEM), the SPDR Gold Shares (GLD) and Pan American Silver (PAAS) all exhibit corrective patterns off of the May 12 high into today's low, which warns us that when the profit-taking abates another powerful upleg should emerge. Right now, NEM is leading the attempt to reverse direction, while the GLD exhibits the most constructive near-term pattern. Do I want to add to long positions right here? No, not yet, but the day is young yet.

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

It should not be assumed that the methods, techniques, or indicators presented on these websites will be profitable or that they will not result in losses. Past results are not necessarily indicative of future results. Examples presented on these websites are for educational purposes only. These set-ups are not solicitations of any order to buy or sell. The authors, Tiger Shark Publishing LLC, and all affiliates assume no responsibility for your trading results. There is a high degree of risk in trading.