The week-long stairstep decline in the SPDR Gold Shares (GLD) has the right look of a completed – or nearly completed – correction off of the June 1 high at 97.00 into today’s low at 92.58.

Although I would not be surprised if the price structure remained in the 93.50-92.50 area for another day or two to build a corrective base formation, my overall chart work off of the April lows near 85 argues strongly that another upleg is needed to finish the larger April-June advance. If my work proves accurate, then the GLD should be heading for 98.00-100.00 in the upcoming days/weeks.

Mike Paulenoff is a 26-year veteran of the financial markets and author of MPTrader.com.