It seems like gold and silver have been trading near yearly highs for much of the year. That’s because every pullback has been saved by a sharp rally and consolidation.
So here we are near year end with the Gold ETF (GLD) trading near its highs… yet again. And this area has become price resistance.
The question now is whether gold is ready to breakout. Silver is also trading near its yearly highs, and make no mistake about it, gold is always in a good spot when silver joins the party (so watch that too).
Below is a simple chart highlighting this retest of the highs. Put gold on your watch list.
Note that the following MarketSmith charts are built with Investors Business Daily’s product suite.
I am an Investors Business Daily (IBD) partner and promote the use of their products. The entire platform offers a good mix of tools, education, and technical and fundamental data.
$GLD Gold ETF Chart
Twitter: @andrewnyquist
The author may have a position in mentioned securities at the time of publication. Any opinions expressed herein are solely those of the author, and do not in any way represent the views or opinions of any other person or entity.
