Mar 31

Gold Surging

Yesterday we noted that if all of the action in the SPDR Gold Shares (GLD) from the 3/3 high at 112.18 into the 3/24 low at 106.24 (5.3%) represented a completed correction, then all of the action since the 3/24 low represents the start of a new upleg. After which the GLD traded down to 107.95, just 0.15 from my preferred long side additional entry target. This morning, the GLD has surged to 109.73 (+1.7?), probably in sympathy with end-of-month/quarter allocations, and because the dollar is considerably weaker against the euro. Chart projects into the 110.50-111 area next.
Chart

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!