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.

New Bull Phase Expected in GLD

What has been so frustrating about the SPDR Gold Shares (GLD) from my perspective is that my pattern work argues that the up-move from the May 30 multi-month corrective low at 148.53 to the June 5 high at 159.30 exhibits very bullish form and represents the initiation of a new bull phase.

If that is accurate, then what has been going on with GLD for the past 6 weeks? The bullish scenario suggests that all of the wicked swings and sideways action somehow is part of a developing May-July (Aug?) bottom that will find a catalyst that will rocket the GLD into a vertical thrust.

Based on the enclosed 4-hour chart, however, the GLD must hurdle 155.30/80 to get any traction, which so far certainly has been elusive.

On the other hand, the GLD chart pattern off of the June 28-July 12 double low around 150.20 has the right look of an impending up-leg -- that could have started TODAY. It is with the foregoing in mind that we re-enter a new long model portfolio position in the GLD, with stops just under 150.00.

  • 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!