by Sam Collins | September 17, 2012 1:07 am
SPDR Gold Shares (NYSE:GLD) — This exchange-traded fund (ETF) seeks to replicate the price of gold bullion net of expenses, and it is the most accurate fund in its pricing to gold since it is the only ETF that holds the physical metal.
On Sept. 5, with the ETF trading at $164.48, the Trade of the Day said, “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.”
Both gold and silver are again under heavy accumulation due to QE3, a weaker U.S. dollar, and the lowering of the credit rating of the United States. Thus, traders may want to use a trailing stop-loss order and hold current positions. New buyers should consider GLD on a pullback to $165 with a target of $180.
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