Tuesdayââ,¬â"¢s high in the GLD gave all the appearances of a thrust out of a 9-week sideways, bullish consolidation area ââ,¬â€œ on the way to a test of the July high at 66.42. However, since then the price structure has done nothing other than plunge ââ,¬â€œ for three consecutive sessions ââ,¬â€œ across the prior sideways range to test a critical support zone between 60.50 and 59.80.
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.
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