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Gold & GLD Sagging Ahead of Bernanke


My near-term work is slowly, but surely, approaching conditions that will be indicative of the conclusion of a pullback in the SPDR Gold Shares (GLD) -- presumably ahead of a new upleg.

Of course, my problem is that upon a sustained break of 160.00, my pattern work cannot rule out downside acceleration towards 158.00-157.60, which compels me to leave my intraday stop at 159.93.

If my stop is hit, I will have to make a decision about reentry prior to10:00 AM ET Friday, when Bernanke's prepared Jackson Hole remarks probably will be released to the press.

Barring a break of 159.93, however, I intend to go home long the GLD.

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