Breakaway Gap Very Bullish for Gold

GLD has broken out of the right triangle formed from May to August

   

SPDR Gold Shares (NYSE:GLD) — This exchange-traded fund (ETF) seeks to replicate the price of gold bullion net of expenses. It most accurately reflects the pricing of gold because it is the only fund that holds the physical metal.

GLD made a double-bottom at about $148, formed a right triangle from May to August, and then broke from the triangle on a very bullish breakaway gap. The MACD supports the breakout, and continued global economic uncertainties continue to bring in buyers. The target for GLD is about $172.

Trade of the Day – SPDR Gold Shares (NYSE:GLD)
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Trade of the Day Chart Key


Article printed from InvestorPlace Media, http://investorplace.com/2012/09/trade-of-the-day-spdr-gold-shares-nyse-gld-6/.

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