The SPDR Gold Trust (ETF) (NYSE:GLD) gained 0.82 cents for the week ending Friday June 11th, 2010 closing at $120.01. The GLD actually made a new all time high briefly intra-day on Tuesday, June 8th at $122.45 before pulling back. The GLD chart remains near a double top resistance level from early December. Therefore, it could be forming a consolidation pattern here which would turn out to be bullish going forward. However, over the past three weeks the shorter pattern could be forming a small bearish wedge pattern which could lead to a pullback down to the $115.00 level. Most traders and investors continue to buy gold on any pullback as the weekly chart remains in a nine year bull market. As long as the central banks around the world continue to print money gold will likely continue to be bought or accumulated on any correction.
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