Commodities / Gold and Silver 2011 Nov 08, 2011 – 07:42 AM By: Mike_Paulenoff Spot gold continues to claw its way higher despite an otherwise “risk-off” profile for the session in equities (as seen in our hourly chart comparison with the e-mini S&P 500), along with bonds and foreign exchange. The stair-step pattern off of last week’s low (from Nov 1) at 1681.30 has the right look of a forthcoming vertical acceleration towards 1820 next. Only a sudden downside reversal that breaks key near-term support between 1775 and 1765 will compromise my near-term outlook. Gold and the SPDR Gold Shares ETF (GLD) are attracting capital along with the U.S. bond market and the U.S. dollar. Why? Take your pick: flight to safety, geopolitical risk, Euro-Zone-implosion risk, and expectations that the ECB eventually will have to become the bailout receptacle of last resort, which is inflationary. Sign up for a free 15-day trial to Mike’s ETF & Stock Trading Diary today. By Mike Paulenoff Mike Paulenoff is author of MPTrader.com ( www.mptrader.com ), a real-time diary of his technical analysis and trading alerts on ETFs covering metals, energy, equity indices, currencies, Treasuries, and specific industries and international regions. © 2002-2011 MPTrader.com , an AdviceTrade publication. All rights reserved. Any publication, distribution, retransmission or reproduction of information or data contained on this Web site without written consent from MPTrader is prohibited. See our disclaimer. © 2005-2011 http://www.MarketOracle.co.uk – The Market Oracle is a FREE Daily Financial Markets Analysis & Forecasting online publication. Comments Forex Trends | Forcasts | Indicators | Technical Analysis
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