Breakaway Gap Very Bullish for Gold

by Sam Collins | September 5, 2012 1:16 am

Breakaway Gap Very Bullish for Gold

SPDR Gold Shares (NYSE:GLD[1]) — 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.

09 05 12 gld 300x204 Breakaway Gap Very Bullish for Gold
Click to Enlarge

chart key 300x84 Breakaway Gap Very Bullish for Gold

Endnotes:
  1. GLD: http://studio-5.financialcontent.com/investplace/quote?Symbol=GLD

Source URL: http://investorplace.com/2012/09/trade-of-the-day-spdr-gold-shares-nyse-gld-6/
Short URL: http://invstplc.com/1nDxuQH