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Where Does Gold Go From Here?

Saturday, March 4, 2017 5:26
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(Before It's News)

From Corey Rosenbloom: Gold rallied strongly from the $1,120 low to the recent price target near $1,260. What’s the game plan now that we’re seeing a logical pullback within key levels?

We had a reversal buy signal – positive divergences + reversal candles at support – in December.

From there, price rallied as expected toward the prior price low and pivot target near $1,250 as highlighted.

At this point, we’re in a NEUTRAL zone via moving average compression.

Basically we’re seeing Gold come down from the upper Bollinger Band and the successfully achieved 200 day SMA just above $1,270.

Focus your attention – and develop your next trade – on the DEPARTURE away from the rising 50 day EMA and lower Bollinger Band near the $1,220 target level.

I’ll be discussing more specifics and the emerging opportunities in this week’s Member Strategy Report.

On the ETF side of things, the SPDR Gold Trust ETF (NYSE:GLD) closed at $117.51 on Friday, down $0.07 (-0.06%). Year-to-date, the largest ETF tied to gold prices has gained 7.21%, versus a 6.66% rise in the benchmark S&P 500 index during the same period.

GLD currently has an ETF Daily News SMART Grade of B (Buy), and is ranked #6 of 33 ETFs in the Precious Metals ETFs category.


This article is brought to you courtesy of AfraidToTrade.com.

You are viewing an abbreviated republication of ETF Daily News content. You can find full ETF Daily News articles on (www.etfdailynews.com)



Source: http://etfdailynews.com/2017/03/04/where-does-gold-go-from-here/

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