Taking Profits in Gold

Taking Profits in Gold
By Mike Paulenoff, www.MPTrader.com

I am looking to exit part of my long position (model portfolio) in the streetTRACKS Gold Shares (NYSE: GLD) at 70.80 today for three reasons: 1) the GLD is up 8.5% since its 8/10 pivot low at 65.15, which if nothing else in a normal market would appear to be a bit overdone, 2) the pattern carved out within the upleg off of the 8/10 low into today's high argues for a rest-digestion period; and 3) I want to take a profit (after all, what are we trying to do here?). If my near-term work prove accurate, then I will be looking to re-enter the second part of the position under 69 in the upcoming hours/days.

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