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After attaining a high of $172 early in October, GLD has fallen to $164,60 before climbing again to $166.07 on Thursday.

02 Nov 2012

NEW YORK (Commodity Online): SPDR Gold Trust (NYSE: GLD), the largest gold ETF, has potential upside although it may witness volatility ahead of US jobs data to be released on Friday, according to Stoyan Bojinov of ETF Database.

After attaining a high of $172 early in October, GLD has fallen to $164,60 before climbing again to $166.07 on Thursday.

“GLD appears to have completed a healthy correction since failing to summit historical resistance near the $175 level in early October of this year. Despite enduring a fairly steep pullback throughout the entire month of October, this ETF has managed to hold support at $165 and recent price action suggests it’s well on its way to resuming its uptrend. Entering into a long position at current levels may be enticing as traders can tap into lucrative upside potential, while at the same time setting a fairly tight stop-loss around $164-$165 a share to protect themselves in case profit-taking pressures resurface ,“ Stoyan Bojinov said in the report.


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