Anticipated Upside Breakout for Gold

All the action in the SPDR Gold Shares (NYSE: GLD) since about mid-December has the look of a corrective-rounded accumulation pattern that now is heading for a confrontation with a resistance plateau between 113.60 and 114.20 – which if hurdled and sustained should trigger upside follow-through that revisits the Dec 3 all-time high at 119.54. At this juncture, only a decline that breaks 110.50 will compromise the timing of the anticipated upside breakout.