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By Mike Paulenoff, www.MPTrader.com
The very long-term chart pattern shows that the streetTRACKS Gold Shares (NYSE: GLD) has retraced 50% of its entire prior bull run (2005-2008), and so far has shown initial signs of reversal just above critical long-term support between 68.50 and 63.50. As of this moment, the weight of my technical work argues for a recovery rally into the 74.50-75.00 target zone, which could prove to be either the start of a very powerful upleg, or merely a recovery bounce prior to another loop to 70.00 or lower to complete the weakness from the March highs.
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!
