Although right now we only have anecdotal evidence that that SPDR Gold Shares (GLD) might be making a significant multi-month corrective low in the vicinity of 148.50/25, all of my timeframe work from 5 minutes through the enclosed daily suggest that the price structure is nearing downside exhaustion.

In the absence of some very negative, sudden catalyst, such as EUR/USD falling off of a cliff in reaction to some negative event, the GLD is poised for a period of recovery strength and/or bottoming action in the upcoming hours and days.

Should such a rally emerge, 155-57 is my initial optimal resistance target zone.

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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