Gold has been shining bright this year as it slowly creeps up with higher lows. It kept getting stopped at the 123 level – until Monday. It zoomed past that barrier on strong turnover, something I like to see. It has certainly suffered from fits and starts, but given the uncertainties around the world, it makes sense to see interest in precious metals. Even silver has been shining brighter lately.
The MACD is still on a bull signal, while money flow is also strongly positive after a weak July. I would like to see follow through here in the next day or so. If that happens, it may rise toward 1350 with relative ease. With some weakness in the dollar, there is room for gold to move toward higher ground.
Gold Shares (NYSE: GLD) Video Chart Analysis
Take a deeper dive into the chart action on tech stock Gold Shares NYSE: GLD and learn how to read the technicals. Get Bob Lang’s full analysis as he marks up our chart of the week.
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About Gold Shares
The investment seeks to reflect the performance of the price of gold bullion, less the expenses of the Trustâs operations. The Trust holds gold bars and from time to time, issues Baskets in exchange for deposits of gold and distributes gold in connection with redemptions of Baskets. The investment objective of the Trust is for the Shares to reflect the performance of the price of gold bullion, less the Trustâs expenses. The Sponsor believes that, for many investors, the Shares represent a cost-effective investment in gold.
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