Earlier today gold and the SPDR Gold Shares (GLD) hit a bit of an air pocket which I suspect should be attributed to the comments by hedge fund legend George Soros about gold being the "ultimate bubble." That aside, let's notice that the "Soros Swoon" managed to find support at an important near-term point-and-figure breakout plateau at 123.40 in the GLD.

As long as the 123.40/20 area contains any forthcoming weakness, the very near-term upmove off of 121.00 will be intact and will point higher towards a hurdle of 124.40 en route to 126.00 immediately thereafter.

 

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