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Gold Should Pullback From These Levels

|Includes:GDX, SPDR Gold Trust ETF (GLD)

By Jeff Pierce

Given how oversold Gold was it doesn't surprise me to see it rally off the lows, but in my opinion that move is just about over and now is the time to see what this "bottom" is made of. I expect this to pullback to $1445 and if it can hold that level then it may have a real chance at forming a decent trading bottom. If that level doesn't hold then $1392 is a legitimate level that it could see next. If that can't hold then all bets are off.

(click to enlarge)Click to enlarge

Stocks: GLD, GDX