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 Unfinished on Downside


Just about any and every way I look at my spot gold and the SPDR Gold Shares (GLD) work, I conclude that both have unfinished business on the downside.

In terms of the GLD, all of the action off of the Sep 26 low at 154.19 represents a bearish consolidation-rest period, which when complete should resolve itself in a resumption of weakness that projects towards a test of its 200 DMA's in the vicinity of 150.00. After that I am expecting a powerful upside reversal.

That said, inability of the GLD to hold in and around 150 will argue for downside continuation towards 140-138.

  • 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!