Best Financial Markets Analysis Article Of all the markets I am watching, the one that pops out at me here is the SPDR Gold Trust ETF (NYSE: GLD) because the price structure has not relinquished much if any of its wild upmove off of last Wednesday's Fed announcement (about buying longer-dated Treasury paper). Even this morning, amidst the announcement by Treasury that a plan is in place to quarantine, price and hopefully profit from the toxic assets, which should be considered a very “market stabilizing event,” gold prices are holding up well.

Purely from a technical perspective, my near-term work argues that since Thursday's recovery high at 94.36, prices appears to be carving out a high-level consolidation (bull flag type formation) ahead of another thrust that should propel prices to 96.00-97.00 next. Only a decline that breaks 92.00 will weaken the pattern, while a break of 91.50 will invalidate my near-term bullish outlook.

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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