Today's early weakness in gold has totally reversed, with the SPDR Gold Shares (NYSE: GLD) pivoting off of 119.00 into a powerful rally to new recovery highs at 120.51 so far.

My near-term technical work points still higher, into the 121.60-122.00 area next. Only a decline that breaks this morning's low at 119.00 will compromise the current bullish set-up.

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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