Dollar Wanes, Gold Shines

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.


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