Mike's Mid Day Minute is available to members on Monday, Wednesday & Friday evenings, with one article per week available to non-members. Members please login and see "Mike's Mid Day Minute" in the navigation menu towards the top of the page.
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.
