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As we discussed with our subscribers yesterday, sometimes a thrust out of a large bullish coil triggers a multi-day vertical price move that does not allow anyone to buy a pullback – before it reaches a blow-off measured objective. In this case, the upside targets for the SPDR Gold Shares (NYSE: GLD) are 101 and then 105. Since yesterday’s upside breakout at 94.80, the GLD has climbed relentlessly. Will it pull back, presumably providing us an opportunity to add to our long position? I don’t know, but I am watching the “add-on” zone at 96.20 and 94.80. Only a break below 93.50 will compromise the current bullish set-up.
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!
