Monday

SPDR Gold Trust: GLD Edging Closer To The Upside Breakout of $1,700


There are several factors which suggest that GLD has actually found a base between the price of $1,650 and $1,690. Of course it is slightly expected to move upwards and downwards till it finds stability towards the end of the year.

According to Nichol, the price will soon hit a high of $1,700. He also says that he has perceived a high bullish trend given the downward revisions to GLD Price forecasts that have been put forward by bankers, trading houses, dealers and other precious metal trade participants.

At the beginning of the year, many experts were predicting that GLD would hit a high of $2,000. However, this view has been partially paralyzed by the high rates of inflation registered in several countries. The regular take-down in the GLD Quote is a very sinister bearish trend that appears every time gold is about to take off.

Despite this lackluster trend, many GoldETF investors in the Middle East, Asia and some parts of South America are actively purchasing gold because of the looming inflation. However, the man in the street will soon go to the bank smiling at the end of the year when the GLD Price will hit $1,700.


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Live 24 hours gold chart [Kitco Inc.]