Gold Surges Higher

Discussion in 'ETFs' started by inthemoneystock, Dec 28, 2010.

  1. The SPDR Gold Shares(NYSE:GLD) are trading higher this morning by $1.87 to $136.90. Gold is a double edged sword and will often trade higher when the U.S. Dollar Index declines or a geopolitical event arises. This morning the U.S. Dollar Index is starting the morning sharply lower and this is certainly helping to inflate the commodity and stock markets.

    Gold has also become a play on the weaker Euro currency. This morning the Currencyshares Euro Trust(NYSE:FXE) is trading higher by just 0.08 cents to $131.16. If there is any fear in the European Union today gold could react by trading higher. It is always important to remember that the central banks around the world including the Federal Reserve Bank in the United States have been creating cash reserves at an alarming rate and this is what the price of gold is telling us. The GLD will have short term intra-day resistance around the $137.20 area.


    Nicholas Santiago
  2. cvds16


  3. cvds16


    there is another 50-60 USD in the making ...
  4. ronblack


    38.2% fibo retr. from Aug 2010 low to Nov. 2010 high is at about 1310. It is about $60 down from this level. 50% is at about $1285.