Gold rallied for a third consecutive session on Tuesday, driven higher by a global stock market pullback and worries about how President Trump’s controversial policies could reverberate around the world.

The safehaven yellow metal gained $19.10 (+1.60%) in Tuesday afternoon trading, to $1,215.10 per ounce. With growing uncertainties surrounding the new administration, and accompanying stock market weakness, gold is proving to be a very attractive asset right now.

For the technical analysis of gold, let’s kick it over to the experts over at Kitco:

Technically, April gold futures prices closed nearer the session high today. The gold bears still have the overall near-term technical advantage, but the bulls have gained some upside momentum early this week. Gold bulls’ next upside near-term price breakout objective is to produce a close above solid technical resistance at the January high of $1,223.00. Bears’ next near-term downside price breakout objective is pushing prices below solid technical support at last week’s low of $1,182.60. First resistance is seen at today’s high of $1,217.40 and then at $1,223.00. First support is seen at $1,200.00 and then at today’s low of $1,195.60. Wyckoff’s Market Rating: 4.0

On the ETF side of things, the SPDR Gold Trust ETF (NYSE:GLD) was trading at $115.61 per share on Tuesday afternoon, up $1.64 (+1.44%). Year-to-date, GLD has now gained 5.47%, versus a 1.40% 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 #1 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 (www.etfdailynews.com)

Powered by WPeMatico