Gold Trading Outlook: Near-Term Bullish
Gold and Silver are moving above key trend lines and look poised here.
Looking at Gold specifically, it looks ready to test its 52 week highs. Look for a retest of 1360-5 in the days ahead.
In my opinion, this level will likely be broken and lead to gains all the way up to 1550.
I am bullish on the SPDR Gold Shares (GLD), iShares Gold Trust (IAU), and the Gold Miners (GDX) for the near-term as technicals look solid.
Only a strong reversal that takes out the past 3 days gains would neutralize this move.
Gold Chart
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Author has positions 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.
