As we speak, the streetTRACKS Gold Shares (GLD) is pressing to the downside again its August-September support line (72.00). If that line violated and sustained it should trigger downside follow-through to 71.00 at a minimum, and possibly 70.00 thereafter, prior to the emergence of new buying interest. I am on the sidelines in the GLD until this correction runs its course.



Mike Paulenoff is a 26-year veteran of the financial markets and author of MPTrader.com, a real-time diary of his technical chart analysis and trading alerts on all major markets. For more of Mike Paulenoff, sign up for a free 15-Day trial to his MPTrader Diary by clicking here.