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.

Golds Holds Despite Headwinds


SPDR Gold Shares (GLD) definitely has some headwinds today, not the least of which is Fed Chairman Bernanke "warning" us that some creativity applied to avoiding the fiscal cliff could make 2013 a good one for the US economy.

Should such a scenario unfold, interest rates could up-tick, perhaps significantly, which usually has negative implications for gold prices.

In addition, Israel and Hamas apparently are moving closer to a cease fire to avert the introduction of Israeli ground forces into Gaza.

The prospect of a cessation of rocket fire and bombardment is putting downward pressure on oil prices, which likely is spilling over into the gold market.

Be that as it may, purely from a technical perspective, today's weakness has not inflicted any damage to the near-term technical set-up.

Only a decline that breaks $1714.00 will begin to compromise the current still-constructive pattern off of the Nov 5 low $1672.50.

Key near-term resistance hovers above the market between $1735 and $1740, which, if hurdled, should trigger upside continuation to $1760/65 next.

  • 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!