The Week Ahead: Gold Sees Corrective Influence

Source: Kitco (8/15/11)

"The longer-term secular bull trend remains firmly intact, but the market remains in the midst of a minor corrective pullback."

Kitco

Comex December gold futures are slightly weaker in midday Monday action, as the market remains in the midst of a minor corrective pullback. The longer-term secular bull trend remains firmly intact, but the market remains vulnerable to additional minor short-term correction.

Looking at the daily chart, action on Aug. 11 etched a so-called "bearish key reversal" day, which keeps the near-term market tone corrective for now. That formation develops when the market hits a new rally high (or in this case new all-time high at $1,817.60), but then reverses to a lower close. The gold contract also posted a bearish outside day that session, which means that the high and low exceeded the Aug. 10 price range. . .View full article

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