Near-Term Low Approaching in Gold

The hourly pattern argues that in and around the 77.00 area, the downleg in the streetTRACKS Gold Shares (NYSE: GLD) from its 7/15 high "achieved" the look of completion. If that is the case, then in the hours directly ahead the GLD should reverse sharply, fill today's gap-down open at 79.20, and close above the top of the gap to signal that a very significant near-term low has been established. Beyond the gap, the GLD must hurlde and sustain 82.00 to confirm a more substantial upside reversal.