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 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.

  • Action-Oriented Trade Set-Ups in Stocks & ETFs
  • Macro Analysis of the Broader Markets
  • Detailed Technical Guidance for each Trading Idea
  • Live Interaction w/ Mike & Our Member Community
  • And Much, Much More!
Join Now! - Special Offer!
Veteran Wall Street analyst and financial author, Mike provides detailed and timely analysis and trade set-ups on a range of markets. Read more...

Have Mike's “Out Front” morning analysis delivered FREE to your email inbox twice weekly!