GLD Heading Down Towards 1-Year Trendline

Dec 22

by Mike Paulenoff, Tue December 22nd, 2009

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The 12% drop in the SPDR Gold Shares (NYSE: GLD) from the Dec 3 high at 119.54 appears to have a bit more downside ahead, towards a confrontation with its 1-year trendline, now in the vicinity of 102.00 into 100.50 -- a support plateau that stretches back to March 2008. Right now, I have no signals indicating an imminent upturn, which leads me to suspect that the GLD will provide a buying opportunity in the 102-100.50 target zone in the hours/days ahead.

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!

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