New Recovery Highs For Gold (GLD)

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By Mike Paulenoff | Published 08/18/2010 | Futures , Stocks | Unrated

New Recovery Highs For Gold (GLD)

Today's early weakness in gold has totally reversed, with the SPDR Gold Shares (GLD) pivoting off of 119.00 into a powerful rally to new recovery highs at 120.51 so far.

My near-term technical work points still higher, into the 121.60-122.00 area next. Only a decline that breaks this morning's low at 119.00 will compromise the current bullish set-up.

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

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