Gold -- the SPDR Gold Shares (GLD) and the Market Vectors Gold Miners ETF (GDX) -- have turned positive this morning, in the aftermath of intense selling pressure earlier in the session. This is a sign of meaningful relative strength in the sector, but the day is young yet. Looking at the GDX chart, today's spike low at 41.35 followed by a powerful upmove to 42.50 -- where it continues to sustain since the opening few minutes -- has the look and the feel of the completion of the correction from the February 18 high at 45.56. With that in mind, I am looking for confirmation of today's low upon an upside penetration of 43.05.

 

Mike Paulenoff is a 26-year veteran of the financial markets and author of MPTrader.com.