Yesterday we noted that if all of the action in the SPDR Gold Shares (GLD) from the 3/3 high at 112.18 into the 3/24 low at 106.24 (5.3%) represented a completed correction, then all of the action since the 3/24 low represents the start of a new upleg.

After which the GLD traded down to 107.95, just 0.15 from my preferred long side additional entry target. This morning, the GLD has surged to 109.73 (+1.7), probably in sympathy with end-of-month/quarter allocations, and because the dollar is considerably weaker against the euro. Chart projects into the 110.50-111 area next.

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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