GLD Chart Looks Golden
Posted on Wed 31st Jan, 2007 07:13:50 PM
Taking a closer look at the Streettracks Hold Trust (GLD), which is a tracking index of the price of gold bullion. What I like about today’s activity is the strong accumulation volume close at nearly $65. This is technically a breakout past the base the Fund was had established over the last few weeks. In this area I like the stock, but really want to see it break past $66.42 from last July. I think GLD has the potential to see $70 within the next few months, but of course there is resistance that needs to be broken. Gold could very well continue to perform well into this summer, which means as well keeping an eye on gold stocks is also another area of interest.
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