Gold in Potential Double-Top

Gold in Potential Double-Top
By Mike Paulenoff,

Under the circumstances, I thought the equity market handled "the day after" in relatively strong fashion. I leave you this evening with an updated look at the GLD, which closed in precarious technical condition...

Let's notice that the streetTRACKS Gold Shares (NYSE: GLD) closed at the low of the session, leaning against its Aug-Nov support line, now at 78.10/05. If that line is violated, then the potential for a Double-Top pattern increases dramatically, which projects a target zone of 72.00. Tomorrow could be a pivotal session for the GLD, especially if the dollar continues to strengthen versus the Euro.

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