Gold prices and the GLD are under pressure again today. Let's notice that the GLD has violated Thursday's reaction low at 77.30, which triggered new selling pressure that points next to 76.00 -- on the way to my optimal target zone of 74.00. At this juncture, only a rally that hurdles and sustains above 79.00 will neutralize my still-bearish 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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