Previous Guests

Gwen Preston
Eric Coffin
Michael Hudson

Click here to listen to previous episodes.

About Chen Lin

Author "What is Chen Buying? What is Chen Selling?" Chen grew $5,400 to $2.3 million in 10 years. Learn More

Can Gold’s Big Recent Bounce Continue?

Gold prices closed down slightly on Tuesday, as the U.S. dollar surged early on, and the markets began to digest the yellow metal’s recent gains, including gold hitting two and a half month highs on Monday.

Gold’s price chart has improved substantially over the past several weeks, in sharp contrast to mid-January levels when the bears were firmly in control. The subsequent bounce has stemmed from growing political uncertainties as well as a downturn in the U.S. dollar, which helps gold’s price rise in dollar terms.

For the technical analysis of how gold prices are acting, let’s consult the experts over at Kitco:

Technically, April gold futures prices were nearer the session high and poised to close at 2.5-month high close today. The gold bulls have the slight overall near-term technical advantage. Prices are in a six-week-old uptrend on the daily bar chart. Gold bulls’ next upside near-term price breakout objective is to produce a close above solid technical resistance at $1,265.00. Bears’ next near-term downside price breakout objective is pushing prices below solid technical support at $1,200.00. First resistance is seen at today’s high of $1,237.50 and then at $1,250.00. First support is seen at today’s low of $1,229.20 and then at $1,225.00. Wyckoff’s Market Rating: 5.5

We’ll be watching gold prices closely in coming sessions to see if the metal’s recovery can continue, or if the longer-term bearish trend will once again take hold.

The SPDR Gold Trust ETF (NYSE:GLD) rose $0.47 (+0.4%) in premarket trading Wednesday. Year-to-date, GLD has gained 7.16%, versus a 2.42% 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 #4 of 33 ETFs in the Precious Metals ETFs category.

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

Powered by WPeMatico

Current Guests

Michael Oliver
David Wolfin

Click here for more details on guests.