Although the GLD was under pressure earlier today, and extended its two-week slide from 64.59 (11/30 high) to the morning’s low at 60.65, let’s notice that the price structure is attempting to pivot to the upside off of the October-December support line (60.70). My overall work regards the upmove from 55.55 (10/04) to 64.59 (11/30) as a new upleg in an ongoing bull trend in the GLD -- and regards the weakness to 60.65 as a correction ahead of the emergence of a new upleg. We should find out if my “preferred” bullish scenario is correct in the upcoming hours -- as the GLD attempts to rally off of the October-December trendline.

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.