This morning’s pop in the SPDR Gold Shares (NYSE: GLD) to a new recovery high (for July) at 95.38 was not sustained, and prices have since declined back into negative territory. More importantly, let’s notice that this morning’s high coincides with an attempt to push above the top of the July price channel, which apparently has failed on this attempt. The failure at the top of the channel argues for prices to come in beneath 94.00 towards 93.50 prior to another loop to the upside. It is with this in mind that I move to the sidelines for a while.

By Mike Paulenoff

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