Gold on the Move

The SPDR Gold Shares ETF (GLD) gapped up in pre-market action, leaping above its nearest-term resistance line, now at 153.30, and climbing intraday to nearly 155.

Along with a sharply upturned near-term momentum gauge, there is strong price action off of yesterday's low at 150.22, which at the same time pierced the May-July support line but did not violate the prior pivot low at 150.15 from 6/28.

Yesterday's subsequent sharp upside reversal and follow-through into this morning's trade confirms Thursday's low as another significant coordinate in an intermediate term bottoming process in and around the 150-148 area.

To trigger major buy signals, however, the GLD must claw its way above heavy resistance between 156.00 and 158.15, so the GLD has its work cut out during the upcoming hours and days.

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