GLD Heading Down Towards 1-Year Trendline

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By Mike Paulenoff | Published 12/22/2009 | Futures , Stocks | Unrated

GLD Heading Down Towards 1-Year Trendline

The 12% drop in the SPDR Gold Shares (GLD) from the Dec 3 high at 119.54 appears to have a bit more downside ahead, towards a confrontation with its 1-year trendline, now in the vicinity of 102.00 into 100.50 -- a support plateau that stretches back to March 2008. Right now, I have no signals indicating an imminent upturn, which leads me to suspect that the GLD will provide a buying opportunity in the 102-100.50 target zone in the hours/days ahead.

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

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