My pattern work is "warning" me that the SPDR Gold Shares (GLD) has unfinished business on the upside -- into new high ground above 90.19 (target 92.00). This morning's pullback low at 86.27 has the right look of the completion of a correction off of the high, and this morning's upside pivot so far suggests strongly that a new upleg has started. The GLD must hurdle and sustain above 88.90 to confirm that a run at 92.00 is in progress.



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.