Gold ETF Tests The $100 Level

Gold was up again today and is now testing a very important resistance and psychological level that was made during March of last year. GLD traded as high as 100.02 today which is my first upside objective for the long trade I am in. I think we may see some profit taking at this very important level the first time tested but I also think there is a good chance we will move much higher.

If you look at the seasonal chart that I posted 6 days ago, you will notice that buying tends to really kick in around the middle of September leading into early October which is why I think we may see even more upside for this metal. Also keep in mind the weekly symmetrical triangle forecasts an upside target well over $100 for GLD. Let's see what happens!