Red-Hot Resources

"Luck is not chance, it’s toil; fortune’s expensive smile is earned.”

Tuesday, January 06, 2009

Is Gold Poised for a Pullback?

It sure looks like gold is poised for a pullback. Here are two charts that illustrate my point ...The rally in the U.S. dollar is weighing on gold just as it bumps its head on overhead resistance. It should head lower from here. The longer-term picture for gold is still good, and corrections are a normal part of any market.

In Wednesday's Money and Markets, I'll have some ideas on how to play a potential gold pullback.


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