Anticipated Upside Breakout for Gold

Mid-Day Minute for Fri April 23rd 2010
by Mike Paulenoff, www.MPTrader.com

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All the action in the SPDR Gold Shares (NYSE: GLD) since about mid-December has the look of a corrective-rounded accumulation pattern that now is heading for a confrontation with a resistance plateau between 113.60 and 114.20 – which if hurdled and sustained should trigger upside follow-through that revisits the Dec 3 all-time high at 119.54. At this juncture, only a decline that breaks 110.50 will compromise the timing of the anticipated upside breakout.

Mike Paulenoff is author of MPTrader.com (www.mptrader.com), a real-time diary of his technical analysis and trading alerts on ETFs covering metals, energy, equity indices, currencies, Treasuries, and specific industries and international regions. Sign up for a Free 15-day trial to Mike's ETF & Stock Trading Diary.

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