It's a big day for gold and the streetTRACKS Gold Shares (GLD), because just about everyone believes that the Federal Reserve will cut rates 75 to 100 bps, which will crush the dollar and trigger another upleg in gold. My technical work argues differently. I think that the GLD has peaked and that "good news" will be sold at the top of the January-March channel, and the GLD will traverse towards the lower portion of the channel, now in the vicinity of 94.00.



Mike Paulenoff is a 26-year veteran of the financial markets and author of MPTrader.com, a real-time diary of his technical chart analysis and trading alerts on all major markets. For more of Mike Paulenoff, sign up for a free 15-Day trial to his MPTrader Diary by clicking here.