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.