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The dollar continues to press to marginally lower lows this morning and could be heading for a test of its year-ago low at 75.89. Meanwhile, gold prices have climbed above Tuesday’s high at $1,008.30, which should trigger continuation towards a test of the all-time high at $1,033 thereafter on the way to $1100. Our SPDR Gold Shares (NYSE: GLD) model portfolio position has benefited from the action. After three days of sideways, corrective action, the GLD has gapped up into an extension of its Aug-Sep upleg off of 91.28. This morning’s high of 99.31 has hurdled the prior significant February high at 98.99 and now is heading for the March 2008 all-time high at 100.44. My initial technical target is 101. Only a decline that breaks 96.00 will begin to compromise the near-term bullish scenario.
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!
