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The week-long stairstep decline in the SPDR Gold Shares (NYSE: GLD) has the right look of a completed – or nearly completed – correction off of the June 1 high at 97.00 into today’s low at 92.58. Although I would not be surprised if the price structure remained in the 93.50-92.50 area for another day or two to build a corrective base formation, my overall chart work off of the April lows near 85 argues strongly that another upleg is needed to finish the larger April-June advance. If my work proves accurate, then the GLD should be heading for 98.00-100.00 in the upcoming days/weeks.
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!
