Yesterday, my work was telling me to await one more new recovery high into the 93.20/60 area prior to considering a short position in the streetTRACKS Gold Shares (GLD). Naturally, prices have weakened this morning. However, I am not convinced that the recovery rally off of the April 1 low at 86.05 is complete on the upside. I will stand aside for a while longer prior to committing $ to the short side of the GLD.



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.