Tuesday, May 11, 2010

SPDR Gold Trust (the Trust) (GLD) - Breaks High


The big winner for today was the SPDR Gold Trust (the Trust) (GLD) and the gold stocks. As you know I've been bullish on gold for several reason but the real tip-off that gold was about to go higher was the fact that gold was moving higher along with the dollar.

Many of the gold stocks were up over 4% today with GG up over 6%. The SPDR Gold Trust (the Trust) (GLD) closed today at 120.66 up 3.09 from yesterday's close.  If you would like to read the post regarding gold and the dollar, you may do so by clicking here.

3 comments:

Anonymous said...

Kevin, what is your target on this break out? I'm slowly scaling out of gold/silver selling in the strengths and adjusting stops up.

Kevin said...

I've been scaling out as well. The Head and shoulders target is right around here.. I am still holding one third of my long position just in case the move continues higher. If I see GLD fall back below the breakout level, I will exit the balance of the position.

Jerome said...

Kevin, I noticed gold was moving up with the dollar as well. There is a lot of uncertainty out there, and because I think we will be on that road for a while, I personally expect gold to continue pushing record highs.

DISCLAIMER

This site may include market analysis. All ideas, opinions, and/or forecasts, expressed or implied herein, are for informational purposes only and should not be construed as a recommendation to invest, trade, and/or speculate in the markets. Trading and investing involves high levels of risk. Any investments, trades, and/or speculations made in light of the ideas, opinions, and/or forecasts, expressed or implied herein, are committed at your own risk, financial or otherwise.
 
Google
Technorati Profile Finance Blogs - Blog Top Sites