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By Mike Paulenoff, www.MPTrader.com
Although the weakness in the SPDR Gold Shares (NYSE: GLD) has not inflicted much if any meaningful technical damage to the overall pattern off of the 5/1 low of 83.57, today's big gap down certainly argues that the current upleg off of the 6/12 low at 84.83 into Friday's high at 89.61 is complete! In addition, my expectation of an approaching significant low closer to the timeframe of the bottoming of the 15-18 week cycle low between July 7 and 14 suggests that today's weakness is the start of the road towards such a low, which figures to be VERY important indeed. Let's expect the GLD to press towards a test of the rising 200 DMA in the 85-84 target zone in the upcoming hours/days -- and possibly decline into the 82.90/50 area prior to a powerful upside reversal.
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!
