My near-term work indicates that if the SPDR Gold Shares (GLD) can hurdle and sustain above 94.40/50, we should expect upside continuation to 97.00 before a meaningful correction occurs. Conversely, inability to hurdle and sustain 94.40/50 will argue for a pullback that retests yesterday’s upside breakout plateau at 92.50/00. Only a break of 91.80 will begin to compromise the still very bullish near-term technical set-up.



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.