Thursday, May 06, 2010

SPDR Gold Trust (GLD) Surges!


Just yesterday I commented on the bullishness we were seeing in the gold market. The fact that gold was rallying in the face of a rising dollar was the tip off that we were about to see gold explode higher. Well today we saw  gold rally over $30. The SPDR Gold Trust(GLD) was up 2.95% today on heavy volume.
  
If you look at the above daily chart of the SPDR Gold Trust(GLD) you will quickly notice that the high from last December is about to be tested. My personal opinion is that we will see this level taken out as I am looking for gold to continue moving higher. Lets see what happens.

3 comments:

Chris said...

Kevin,
I have been reading your blog for the last 2+ years (since you began). I am excited, and am sure I am not alone, about the increase quantity of charts you have been posting lately. The work you is fabulous. Thank you very much for the time you commit to the site and teaching you do on every chart you post. Thank you, Chris

Kevin said...

Thank you very much Chris. I appreciate you taking the time to comment.

Anonymous said...

Kevin,
I would also like to thank you for the work you do. You always give a solid reason and wait for the setup. Keep up the great work.

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