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Gold Attempts Rally Off Trendline
Although the GLD was under pressure earlier today, and extended its two-week slide from 64.59 (11/30 high ) to the morning's low at 60.65, let's notice that the price structure is attempting to pivot to the upside off of the Oct-Dec support line (60.70). As we discussed on Friday, my overall work regards the upmove from 55.55 (10/04) to 64.59 (11/30) as a new upleg in an ongoing bull trend in the GLD -- and regards the weakness to 60.65 as a correction ahead of the emergence of a new upleg. We should find out if my "preferred" bullish scenario is correct in the upcoming hours -- as the GLD attempts to rally off of the Oct-Dec trendline. 