Gold Bulls Look To Break Through Resistance Yet Again (GLD)

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April 13, 2018 7:15am NYSE:GLD

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From Chris Kimble: Is gold ready for primetime? The shiny metal is testing the $1360-$1370 level for the fourth time this year.


One factor that has helped to keep Gold elevated is a weaker U.S. Dollar.  The chart below highlights the Gold/U.S. Dollar ratio. Metals bulls want/need to see this ratio heading higher to send a bullish message to the broader metals sector.

As you can see below, this ratio has consolidated near its 2018 highs and is attempting to break out. It’s been a long tiring battle with plenty of set-backs for metals bulls over the last 5 years… but they aren’t giving up easily. A breakout here could produce another gold rush.

The ratio at mid-week is moving higher and is attempting to break above old highs at (2) and back into its falling price channel (1). A breakout here would send a bullish message to metals investors, one not seen in a few years.  Gold is knocking, will the bulls answer?

The SPDR Gold Trust ETF (GLD) rose $0.45 (+0.36%) in premarket trading Friday. Year-to-date, GLD has gained 2.40%, versus a -0.35% rise in the benchmark S&P 500 index during the same period.

GLD currently has an ETF Daily News SMART Grade of A (Strong Buy), and is ranked #1 of 32 ETFs in the Precious Metals ETFs category.


This article is brought to you courtesy of Kimble Charting Solutions.


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