Upward Pressure on Gold
By Mike Paulenoff, www.MPTrader.com
The only thing my work is telling me for certain in the SPDR Gold Shares (NYSE: GLD) is that the upmove off of the 9/11 low at 72.51 needs a new high (above the 9/15 high at 90.78) prior to completion. The only issue for me is whether the GLD will pull back towards 85.50-85.00 prior to the surge above 90.78, or if the price structure is in the thrust right now? Certainly, today's plunge in the $/Euro, which is making new intraday lows as we speak, continues to put upward pressure on the GLD, and thus argues that the GLD is heading for 90.78+ directly. Be that as it may, I cannot chase the GLD "up here" at the moment. At the risk of being left behind, I will remain on the sidelines in the GLD for a while longer.