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Gold prices and the SPDR Gold Shares (NYSE: GLD) have rocketed in sympathy with the thrust in euro/dollar to 1.4250 from 1.4030. What caused the simultaneous sudden spikes in gold and euro right now remains a mystery. However, the fact is that today’s surge in the GLD is pushing up against important resistance at 94.00, which if hurdled should trigger a run at more critical resistance at 95.85. The 95.85 area represents the Feb-Jul resistance line that has contained all of the action in the GLD for most of this year. If hurdled and sustained, my work will indicate that the GLD has entered a new upleg that projects to 104.00. As long as Wednesday’s low at 90.81 remains a viable pivot low, we want to have the GLD in our model portfolio.
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!
