Chart Glance- GLD retesting resistance at that upward-sloping 200 day moving average. GLD chart is making “higher/ highs” and “lower/ lows.” Technicals indicate that GLD is in the middle leg of up-trending to higher prices and taking out recent 52 week highs ($185.85). Perhaps an inverse head and shoulder pattern forming?
50 DMA ($165.76), 100 DMA ($164.56), 200 DMA ($163.63).
Support 1: $160 Support 2: $151.10
The world’s largest gold ETF, the SPDR Gold Trust (GLD) traded higher today after Mr. Bernanke hints at the “new QE.” Gold prices raged today to $1679 an ounce in pre-market today, up nearly 1% from last weeks close. Insanely high Oil Prices, Weak U.S. housing sales data and the U.S. dollar under heavy selling pressure ignited a rally in precious metals such as Gold.