Gold at New Recovery High

The streetTRACKS Gold Shares (NYSE: GLD) have climbed to 66.38 so far today, which represents a new recovery high -- the highest print since July 14th high at 66.42. In addition, today's strength has hurdled the 62% Fibonacci resistance plateau -- that is the 2/3rds recovery level in the aftermath of the plunge last May-June from 72.26 to 55.05. Much more often than not, when a recovery exceeds the 62% level, the price structure continues higher -- towards a complete retracement of the prior decline, which in this case points to a revisit of 72.26. Be that as it may, my next optimal target zone is 68.
  • 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!