The streetTRACKS Gold Shares (GLD) have climbed to 66.38 so far today, which represents a new recovery high – the highest print since July 14 high at 66.42. In addition, today’s strength has hurdled the 62% Fibonacci resistance plateau – that is the 2/3rds recovery level in the aftermath of the plunge last May-June from 72.26 to 55.05. Much more often than not, when a recovery exceeds the 62% level, the price structure continues higher – towards a complete retracement of the prior decline, which in this case points to a revisit of 72.26. Be that as it may, my next optimal target zone is 68.





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.