The only thing my work is telling me for certain in the SPDR Gold Shares (GLD) is that the upmove off of the September 11 low at 72.51 needs a new high above the September 15 high at 90.78 prior to completion. The only issue for me is whether the GLD will pull back towards 85.50-85.00 prior to the surge above 90.78, or if the price structure is in the thrust right now? Certainly, today's plunge in the dollar continues to put upward pressure on the GLD, and thus argues that the GLD is heading for 90.78+ directly. Be that as it may, I cannot chase the GLD "up here" at the moment. At the risk of being left behind, I will remain on the sidelines in the GLD for a while longer.



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.