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The most salient feature of the hourly chart of the SPDR Gold Shares (NYSE: GLD) is that despite today’s up-gap opening and climb above 100, the bulls were – and still are – not able to sustain above the key 100 level. As of this moment, with the GLD at 99.43 and the huge unfilled gap area (down to 98.57) remaining on the downside, let’s watch closely to see if the price structure can leave the unfilled gap behind and instead revisit and hold the 100 area prior to or into the close. Such a scenario would be very constructive action and will point prices still higher in the hours ahead. Conversely, inability of the GLD to rally will be a sign of relative weakness that will point to the 98.50 area by default.
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!
