The most salient feature of the hourly chart of the SPDR Gold Shares (GLD) is that despite today’s up-gap opening and climb above 100, the bulls were not able to sustain above the key 100 level.

As of this moment, with the GLD at 99.43 and the huge unfilled gap area (down to 98.57) remaining on the downside, let’s watch closely to see if the price structure can leave the unfilled gap behind and instead revisit and hold the 100 area prior to or into the close. Such a scenario would be very constructive action and will point prices still higher in the hours ahead. Conversely, inability of the GLD to rally will be a sign of relative weakness that will point to the 98.50 area by default.

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