Friday, July 11, 2008

Gold's Upside Objective



Gold had another big rally today supported by a falling dollar and tensions building in the middle east.

So far this is a picture perfect trade as far as technical analysis is concerned. The inverse head and shoulders pattern provided an early entry way before any of the news from the middle east regarding Iraq's missile testing hit the wires.

You'll notice how prices pulled back earlier this week and successfully tested the neckline and is now rapidly moving higher. My 1st upside objective for GLD is the 100 area. We'll see what happens.

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