Gold Pivots Off Pullback

The SPDR Gold Shares (NYSE: GLD) is up about 1% from the intraday low prior to the FOMC statement, but more importantly from my technical perspective the price structure appears to have pivoted from a pullback into the start of a new upleg. If accurate this argues for upside acceleration that hurdles near term resistance at 119.00/10, on the way to a revisit of the June highs at 123.50.

Only a break beneath 116.40 will delay my "new upleg" scenario. Gold and the GLD are getting the benefit of the "monetization of the debt," and the need to "create inflationary perceptions" arguments. MJP 8/10/10 3:40 PM ET (117.73)