Remarkably, the GLD managed to hold just above its prior low (60.30) Tuesday, and has since turned up from 60.32 to the 61.40 area ââ,¬â€œ and appears to be laying the groundwork for a climb to test key near-term resistance at 62.70, which must be hurdled to trigger higher projections into the 64.50-65 target zone.  Only a failure to continue to rally followed by a decline that breaks support at 60.30 will wreck today's constructive action.

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.