Spot gold prices and the SPDR Gold Trust ETF (GLD) are on the move again to the upside doing damage to key resistance levels. The enclosed daily chart pattern of spot gold is getting very interesting if you are a gold bull. Let's notice that today's upmove has hurdled key resistance created at last October's rally peak of $933.45, which ushered in a two-week period of falling prices to a $680.75 low -- a drop of 27%. My near- and intermediate-term work indicate that sellers remain above the market, perhaps in the $960-$965 area, but more likely near $1000. At this juncture, only a decline that breaks and sustains back beneath $927.50 will begin to compromise this morning's upside breakout.



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.