What Gold GLD Needs to Hurdle Over
Commodities / Gold & Silver 2009 Mar 19, 2009 - 11:30 AM GMTBy: Mike_Paulenoff
My near-term work indicates that if the SPDR Gold Shares (NYSE: GLD) can hurdle and sustain above 94.40/50, we should expect upside continuation to 97.00 before a meaningful correction occurs. Conversely, inability to hurdle and sustain 94.40/50 will argue for a pullback that retests yesterday's upside breakout plateau at 92.50/00. Only a break of 91.80 will begin to compromise the still very bullish near-term technical set-up.
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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 Exchange Traded Funds (ETFs) that track equity indices, metals, energy commodities, currencies, Treasuries, and other markets. It is for traders with a 3-30 day time horizon, who use the service for guidance on both specific trades as well as general market direction
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