It looks like the equity markets continue to consolidate within a high-level congestion area -- perhaps ahead of another thrust to the upside in sympathy with the growing positive seasonal starting tomorrow morning.

Looking at gold, the GLD appears to be emerging from its two-week sideways congestion area and exhibits the requisite underlying momentum juxtaposition to support upside acceleration to retest the prior high at 63.13 on the way to 64.50. Only a decline that breaks below 61-60.80 support will compromise the constructive near-term pattern.

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.