The upside reversal in EURUSD today has popped the streetTRACKS Gold Shares (NYSE: GLD) to an intraday high at 77.63, which if nothing else has put some distance between the price structure and key near-term support at the December low of 75.10/05. Prices have pulled back to 75.88 even though EURUSD has held its gains, which means that gold prices remain heavily influenced by the continual selling pressure across the commodity complex in general -- and in oil, in particular. Oil prices have plunged to new lows at $44.52, the lowest level since February 2005 and at the top of a support band that stretches across major highs going back to September 2000.

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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