New Recovery Highs for Gold

Mid-Day Minute for Wed August 18th 2010
by Mike Paulenoff, www.MPTrader.com

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Today's early weakness in gold has totally reversed, with the SPDR Gold Shares (NYSE: GLD) pivoting off of 119.00 into a powerful rally to new recovery highs at 120.51 so far.

My near-term technical work points still higher, into the 121.60-122.00 area next. Only a decline that breaks this morning's low at 119.00 will compromise the current bullish set-up.

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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