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Gold Rallying Towards Resistance

Gold Rallying Towards Resistance www.MPTrader.com

Spot Gold prices are about $9 higher this AM, and appear to be heading for a confrontation with $700.... which is lifting the streetTRACKS Gold Shares (NYSE: GLD). As we speak the GLD is heading for a test of its major resistance line (67.60) that originated at the May 2006 high at 72.26. In that my pattern, momentum and cycle work argue for upside continuation, I have to believe that the powerful resistance line with be hurdled on the way to a test of the April 2007 high at 68.73 (next target).

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