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If my work in spot gold is accurate, then the SPDR Gold Shares (NYSE: GLD) has unfinished business on the downside that will break the Dec-Jan lows at 105.31 and 106.01, on the way to 103.00-100.00 to complete the larger correction off of the 12/03 high at 119.54. For such a new downleg to emerge, my suspicion is that gold weakness will be a function of a sharp surge in the dollar. The question is what will trigger a flight to dollars. Global stock market weakness? European economic and/or “union” disintegration? Or continued fears of a contraction in China?
Mike Paulenoff is author of www.MPTrader.com, a real-time diary of his technical analysis & trade alerts on ETFs for precious metals, energy, currencies, and an array of equity indices and sectors, including international markets, plus key ETF component stocks in sectors like technology, mining, and banking. Sign up for a Free 15-day Trial!
