Gold Must Claw Its Way Above Heavy Resistance

Once again, the SPDR Gold Shares (GLD) swooned to probe the lower support zone of the May-July basing area between 151.30 and 148.50.

So far, however, buyers have emerged at the high side of the base area, which has enabled the GLD to recover two-thirds of its earlier session loss.

That said, to get any real traction on the upside, the GLD must claw its way above heavy resistance between 154.50 and 155.60, otherwise, the price structure will remain confined to the contracting range that has been carved out since the May 30th low at 148.53.