SPDR Gold Trust: GLD ETF Volatility Heads The Mean To $1,900 According To Technical Analysis

Even though it would take close to one and a half years, the GLD Price volatility will see to it that the precious metal hits $1,900 an ounce. Since July last year, the gold futures slated for April delivery have been trading in a range of $200 in New York.

A chief investment officer with SPDR GLD Trust says that the contracting triangle pattern indicating highs and lows is a pointer to the fact that precious metals will rebound in the market with revitalized trading energy.

When a volatility squeeze leads to a breakout then then there will be a big move in the Price of GLD towards the breakout. And this pattern means that the breakout is inevitably imminent.

The April futures shot a high of $1,801 in more than 7 months in early October after reaching a low of $1,596. But early this week, the GLD Price closed at $1,676 for futures in New York. And experts predict that these prices would rise to a high of 13% to land at $1,900 in August this year.

According to Parton, the most attractive GLD futures surged to the all-time high of $1,923 in September last year.

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Live 24 hours gold chart [Kitco Inc.]