Yesterday I noticed that if all of the action in the SPDR Gold Shares (GLD) from the March 3 high at 112.18 into the March 24 low at 106.24 (5.3%) represented a completed correction, then all of the action since the March 24 low represents the start of a new upleg. After which the GLD traded down to 107.95, just 0.15 from my preferred long side additional entry target. This morning, the GLD has surged to 109.73 probably in sympathy with end-of-month/quarter allocations, and because the dollar is considerably weaker against the euro. Chart projects into the 110.50-111 area next.

 

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