Thursday saw a new record settle price of Gold at $1248.40 per troy ounce. While this is only slightly higher than the previous record high, it is still significant in the fact that we have seen multiple new record highs in Gold and that the pattern that I laid out for my subscribers is still in tact.

Gold moves cyclically and can be much more predictable than you might expect. The yellow metal is not something you want to get in on strength as it usually pulls back right after new highs. This is especially true this year, as we have seen longer rallies in Gold in previous years. The cycles I have seen recently in the SPDR Gold Trust ETF (NYSE:GLD) have been getting shorter and shorter, which seems to me like it could result in a much bigger, more sustained move higher. See the chart below:

SPDR Gold Trust ETF (NYSE:GLD)

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According to the trendlines that I had put in place some time ago, Thursday’s peak was a sell signal. I only mean on a very short-term basis, of course. I am very bullish on Gold and I believe the best time to buy it is on the dips, rather than when it is breaking out. In this market, stocks are most appealing at the beginning of a breakout. With Gold, it is most appealing when it’s at a bargain. When things get ugly in Gold, it’s like a finding antiques at a garage sale. The same goes for Gold Miners:

Market Vectors Gold Miners ETF (NYSE:GDX)

Both charts show that there could be a possible breakout from this consolidation pattern later this month or in early July. Of course, this is purely speculation and it is only my point of view. Trading is not a science, it is an art. When I see these patterns in these ETFs, it merely indicates that I should prepare myself for a buying opportunity on a possible dip within the support levels.

The commodities markets have shown real strength, bolstered by a weakening dollar. The equities markets have been undecisive at best. Although we are seeing more bullish price action from a technical perspective, there are too many whipsaws for most investors and most rallies are met with pessimism, at least from a sentiment point of view. There is still a lot of bearishness in the investment community which means that if we are indeed seeing a relief bounce, we are still in the very early stages of it and who knows how long it will last.

For now, have trouble seeing past Gold and Oil as any trades beyond the very short-term.

Written By Jordi Perez From Market Space Trading

Investors have turned to gold ETFs as a safe haven during the recent stock market turmoil.  They offer a great way to protect you against risk in your portfolio during uncertain times. We have put together some other ETF options for your viewing below:                

LONG:                

The investment SPDR Gold ETF (NYSE: GLD) seeks to replicate the performance, net of expenses, of the price of gold bullion. The trust holds gold, and is expected to issue baskets in exchange for deposits of gold, and to distribute gold in connection with redemption of baskets. The gold held by the trust will only be sold on an as-needed basis to pay trust expenses, in the event the trust terminates and liquidates its assets, or as otherwise required by law or regulation.        

The goal of the Sprott Physical Gold Bullion Trust  (NYSE:PHYS) is to provide a secure, convenient and exchange-traded investment alternative for investors interested in holding physical gold bullion without the inconvenience associated with a direct investment in physical gold bullion. The Trust invests in gold bullion, offers investors lower costs than traditional means of buying physical gold, and Units can be redeemed for physical gold bullion. Trust Units may be bought and sold on the NYSE Arca and the TSX like any other exchange-listed securities.       

The investment ETF (NYSE: GDX) seeks to replicate as closely as possible, before fees and expenses, the price and yield performance of the AMEX Gold Miners index. The fund generally normally invests at least 80% of its total assets in common stocks and American depositary receipts (ADRs) of companies involved in the gold mining industry. The fund is nondiversified.                

The Funds ETF (NYSE: GDXJ) investment objective is to replicate as closely as possible, before fees and expenses, the price and yield performance of the Market Vectors Junior Gold Miners Index (the “Junior Gold Miners Index”). For a further description of the Junior Gold Miners Index, see “Junior Gold Miners Index.”                

The objective of ETF (NYSE: SGOL) the newly listed shares is to reflect the performance of the price of Gold bullion, less the Trust’s operating expenses. The Trust is open ended and is designed for investors who want a cost-effective(1) and convenient(2) way to invest in Gold as well as diversify their Gold holdings.                

The investment ETF (NYSE: UGL) will seek to replicate, net of expenses, twice the performance of gold bullion as measured by the U.S. Dollar p.m. fixing price for delivery in London. The fund normally invests assets in financial instruments with economic characteristics twice the return of the index. It may employ leveraged investment techniques in seeking its investment objective.                

The investment ETF (NYSE: DGL) seeks to track the price and yield performance, before fees and expenses, of the Deutsche Bank Liquid Commodity Index – Optimum Yield Gold Excess Return. The index is a rules-based index composed of futures contracts on gold and is intended to reflect the performance of gold.                

The investment ETF (NYSE: DGP) seeks to replicate, net of expenses, twice the daily performance of the Deutsche Bank Liquid Commodity index – Optimum Yield Gold Excess Return. The index is intended to reflect changes in the market value of certain gold futures contracts and is comprised of a single unfunded gold futures contract.                

The objective ETF (NYSE: IAU) of the trust is for the value of its shares to reflect, at any given time, the price of gold owned by the trust at that time, less the trust’s expenses and liabilities. The trust is not actively managed. It receives gold deposited with it in exchange for the creation of baskets of iShares, sells gold as necessary to cover the trust’s liabilities, and delivers gold in exchange for baskets of iShares surrendered to it for redemption. The trust is not an investment company registered under the Investment Company Act of 1940 or a commodity pool for purposes of the Commodity Exchange Act.                

SHORT:                

The investment ETF (NYSE: DZZ) seeks to replicate, net of expenses, twice the inverse of the daily performance of the Deutsche Bank Liquid Commodity index – Optimum Yield Gold Excess Return. The index is intended to reflect changes in the market value of certain gold futures contracts and is comprised of a single unfunded gold futures contract.                

The investment ETF (NYSE: GLL) will seek to replicate, net of expenses, twice the inverse daily performance of gold bullion as measured by the U.S. Dollar p.m. fixing price for delivery in London. The fund normally invests assets in financial instruments with economic characteristics inverse to the index. It may employ leveraged investment techniques in seeking its investment objective.

NYSE:GDX, NYSE:GLD