More Downside for GLD

The SPDR Gold Trust (GLD) is down about 6% from its June high at 123.50/52, and down about 2% from its violation of key near-term support at 119.03. As we noted to subscribers late last Thursday, a break of that support level will argue that the GLD is entering a long liquidation "event."

Although the correction has been sharp and quick, my work argues for still more weakness into a minimum target of 115.40/00, if not into the 114-112 area prior to a resumption of buying interest.

  • 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!