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The SPDR Gold Shares (NYSE: GLD)’s violation this morning of support in the 99.20/00 area indicates that the high-level consolidation pattern between 100.00 and 99.00 has morphed into a deeper correction. The correction should press towards the 98.20 area, which represents the lower channel support line. Otherwise, the GLD needs to climb and sustain above 99.60/65 to neutralize the near-term negativity.
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!
