Gold Resilient While Equities Weak

Amidst the carnage, gold is acting well -- like gold should act. Every day, sometimes multiple times each day, investors get blindsided by negative news that clobbers stocks, but not gold, which appears to be under accumulation during every bout of weakness.

Today's low in the SPDR Gold Trust (NYSE: GLD) represents a 50% retracement of the prior upleg, and which provided a pivot low at 117.00 into a $2 advance to 119.00. Let's notice that important May-June resistance resides at 119.70, which if (or when) hurdled should trigger upside acceleration towards 122.00.

Only a break below 117 will compromise the strengthening pattern.

  • 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!