Minor Correction Completed for Gold?

The BIG picture of the SPDR Gold Trust (NYSE: GLD) continues to exhibit a series of higher lows and higher highs since the March 24 low at 106.34. My near-term work argues that the decline from new all-time highs at 122.45 to yesterday's low at 118.83 represents yet another pullback to a higher low.

If, indeed, a minor correction was completed yesterday, then a new upleg is in progress that should propel the GLD to higher all-time highs that projects next into the 125-26 zone. Although my protective stop at 118.70, just beneath yesterday's low, is very tight, my near-term work indicates that if yesterday's low is violated, additional weakness will be forthcoming.