The GLD remains confined to its 6-week down-slanted price channel, which is a sign that the intermediate-term bear trend still is the dominant force.  However, having written that, my work argues that the GLD is in the early stages of carving out an important bottom, which apparently will take a while longer.  In any case, we want to stay long the GLD ahead of what my longer-term work indicates should be one heck of a secondary bull market advance.

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.