Not only does my work tell me that the GLD (Gold ETF) has peaked, it also is telling me the Euro may have hit a signficant high, and is ripe for a significant downside correction, which will pressure the gold as well...Today's conspicuous test of 150.00 is followed by what so far represents a key downside reversal amidst very significant momentum failures to confirm new highs since the 1.4600 area. Caution is the watch-word for the euro vs dollar now, which should impact gold prices negatively in the days ahead.

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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