By Gareth Soloway on June 8th, 2010 12:13pm Eastern Time
The SPDR Gold Trust (NYSE:GLD) hit a new all time higher crossing the former top by pennies, then pulled back sharply towards the flat line. This may be a classic double top in the short term though long term shorting of gold is unwise. The former high on the GLD was $122.23. The high today was $122.45. Currently, the GLD has pulled back sharply to $121.69. It is possible we see some near term continued downside in gold off this level. As countries print more and more money, long term gold is going higher.
Gold stocks continue to mount gains. Newmont Mining Corporation (NYSE:NEM), Agnico-Eagle Mines Limited (NYSE:AEM) and Randgold Resources Ltd. (NASDAQ:GOLD) all having stellar days. To get more information on gold stocks, exact entries, exits, guidance and education, join the Research Center.
Gareth Soloway
Chief Market Strategist
www.InTheMoneyStocks.com
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