Minor Correction Completed for Gold?
Mid-Day Minute for Fri June 11th 2010
by Mike Paulenoff, www.MPTrader.com
by Mike Paulenoff, www.MPTrader.com
Be alerted when Mike posts an article
The BIG picture of the SPDR Gold Trust (NYSE: GLD) continues to exhibit a series of higher lows and higher highs since the March 24 low at 106.34. My near-term work argues that the decline from new all-time highs at 122.45 to yesterday's low at 118.83 represents yet another pullback to a higher low.
If, indeed, a minor correction was completed yesterday, then a new upleg is in progress that should propel the GLD to higher all-time highs that projects next into the 125-26 zone. Although my protective stop at 118.70, just beneath yesterday's low, is very tight, my near-term work indicates that if yesterday's low is violated, additional weakness will be forthcoming.
