SPDR Gold Trust: The Bullish Trend Of GLD Is Back At A Price Of Over $1,825

Many investors were totally disillusioned last week when gold took a bearish trend and hit lows of $1,615 an ounce. According to some asset fund managers, the fact that the Price of GLD which was forecasted at $1,825 an ounce fell to below $1,615 within six months means that it would get it even lower to $1,550.

However, the Goldman is wrong in this one. The fact remains that despite this pullback in the GLD Quote, gold prices have begun to consolidate at a relatively higher level than previously. This pattern is largely bullish; indicated from the technical pattern that the Price of GLD is forming. This pattern is referred to as the symmetrical triangle.

The last time we saw this pattern in the precious metal market was in 2008/2009. Immediately after that pattern, a series of multi-climbs in the price of gold was seen. The prices of precious metals; particularly gold then almost doubled their price. As such, I tend to think that we are just at the beginning of that cycle and the GLD ETF is headed for a kill.

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Live 24 hours gold chart [Kitco Inc.]