World Gold Index on Oct, 20, 2010. Is this the correction that most professional traders have been looking for? Gold is trading just below the 15 day moving average, stochastics have broken to the down side with a close at $1344 an ounce.
Seasonally, there is a correction in Oct and an upward trend going into November. Of course, this does not happen 100% of the time, but something to note when trading the Gold/Silver markets.
With the talk of EQ2 around the corner, this correction may be over soon and viewed as a buying opportunity with Gold and Silver stocks that were depressed.
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