Upside Reversal Imminet for Gold

Based on a textbook head-and-shoulders top pattern, the downside measured target in the SPDR Gold Shares (NYSE:  GLD) is 89.50, which also happens to coincide with a test of the Jan-June up trendline, now at 89.20.  If the last portion of this decline does unfold in textbook fashion, then we should be looking for an upside reversal (buy) signal in the upcoming hours – to initiate a potent upmove into the 93.50-94.00 area.

  • 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!