Gold to Sell off to $940 on US Interest Rate Cut DecisionCommodities / Gold & Silver Mar 18, 2008 - 01:22 PM GMT
Big day for gold and the streetTRACKS Gold Shares (NYSE: GLD) because just about everyone believes that the Fed will cut rates 75 to 100 bps, which will crush the dollar and trigger another upleg in gold. My technical work argues differently -- that the GLD has peak and that "good news" will be sold at the top of the Jan-Mar channel, and the GLD will traverse towards the lower portion of the channel, now in the vicinity of 94.00.
By Mike Paulenoff
Mike Paulenoff is author of the MPTrader.com (www.mptrader.com) , a real-time diary of Mike Paulenoff's trading ideas and technical chart analysis of Exchange Traded Funds (ETFs) that track equity indices, metals, energy commodities, currencies, Treasuries, and other markets. It is for traders with a 3-30 day time horizon, who use the service for guidance on both specific trades as well as general market direction
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19 Mar 08, 15:41
Great call Mike - how do you get it sooo right!!