The streetTRACKS Gold Shares (GLD) ETF has accelerated into my preferred target zone at 95.00-96.50 for the conclusion of the current upleg that started earlier this week after testing the 92.00 area twice. Right now, the pattern and momentum work point higher -- towards the top of the Jan-Feb channel near 96.50, and if this advance follows the usual rules that govern price behavior in channel analysis, then the GLD likely will pop through the upper channel line (above 96.50) in a blow-off type of completion of the current upleg. At this juncture, only a decline that breaks below 94.50 will begin to neutralize additional upside expectations.



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.