Awaiting Downtrend Reversal Signal for Gold
Commodities / Gold & Silver 2009 Dec 09, 2009 - 02:57 PM GMTBy: Mike_Paulenoff
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 (NYSE: GLD) in the 108.30-107.90 target zone.
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By Mike Paulenoff
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