The Gold ETF (GLD) made an impressive high move and closed at the top uptrend channel area.
The price is slightly below the 148.04 line, which is the target for the symmetrical bullish pattern high move. 148-150 could be the short-term major resistance for GLD.
A small correction pullback from 148-150 range is very likely. But the major uptrend for gold is intact.
A small pullback will not shakeout buyers or affect long-term accumulation decisions.
The major support is around the 143-142 range. The 139 area will be the major stop loss for buyers above the 140-42 range.
This is an excerpt from the Naturus weekly Market Preview. To see the full document, visit http://naturus.com
