Earlier today gold and the SPDR Gold Shares (NYSE: GLD) hit a bit of an air pocket which I suspect should be attributed to the comments by hedge fund legend George Soros about gold being the "ultimate bubble." That aside, let's notice that the "Soros Swoon" managed to find support at an important near-term point-and-figure breakout plateau at 123.40 in the GLD.

As long as the 123.40/20 area contains any forthcoming weakness, the very near-term upmove off of 121.00 will be intact and will point higher towards a hurdle of 124.40 en route to 126.00 immediately thereafter.

By Mike Paulenoff

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.

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Comments

Brian Huffman
18 Sep 10, 16:31

George Soros

George Soros is morally bankrupt. Anyone with common sense will listen to what he says, decide why he is saying it, and do the opposite of whatever he is recommending.

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