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Gold Approaching Key Resistance

Gold Approaching Key Resistance
By Mike Paulenoff, www.MPTrader.com

As we speak the streetTRACKS Gold ETF (NYSE: GLD) is pushing up against a 3-month resistance plateau around 93.30/40, which if hurdled should trigger upside acceleration of the March-July rounded base-like pattern. All of the action between March and July represents a correction that turned out to take the form of a high-level rounded base formation as well, which is exerting intense upward pressure on a series of rally peaks that occurred since March. If (when) hurdled, the GLD should accelerate towards 99-100.

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