The 12% drop in the SPDR Gold Shares (NYSE: GLD) from the Dec 3 high at 119.54 appears to have a bit more downside ahead, towards a confrontation with its 1-year trendline, now in the vicinity of 102.00 into 100.50 -- a support plateau that stretches back to March 2008.

Right now, I have no signals indicating an imminent upturn, which leads me to suspect that the GLD will provide a buying opportunity in the 102-100.50 target zone in the hours/days ahead.

By Mike Paulenoff

Mike Paulenoff is author of the MPTrader.com (www.mptrader.com) , a real-time diary of Mike Paulenoff's trading ideas and technical chart analysis of

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Comments

Wendy
22 Dec 09, 20:02

GLD ETF

I have been looking into different trades on the market. There is still a lot I have to learn and the one thing that has caught my eye is the gold bear ETF. Is there anything that can be e-mailed to me that specifically described this catagory?

Thank you for the information.

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