The streetTRACKS Gold ETF ( GLD) looked like it was going to rocket this morning in a flight to quality type of trade. However, a closer look at the near-term chart structure argues just the opposite-- that the GLD is very tired, and is in the midst of an initial correction of its near-vertical advance off of the December breakout point just above 78.00.



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.