Where Does Gold Go From Here?

From Corey Rosenbloom: Gold rallied strongly from the $1,120 low to the recent price target near $1,260. What’s the game plan now that we’re seeing a logical pullback within key levels?

We had a reversal buy signal – positive divergences + reversal candles at support – in December.

From there, price rallied as expected toward the prior price low and pivot target near $1,250 as highlighted.

At this point, we’re in a NEUTRAL zone via moving average compression.

Basically we’re seeing Gold come down from the upper Bollinger Band and the successfully achieved 200 day SMA just above $1,270.

Focus your attention – and develop your next trade – on the DEPARTURE away from the rising 50 day EMA and lower Bollinger Band near the $1,220 target level.

I’ll be discussing more specifics and the emerging opportunities in this week’s Member Strategy Report.

On the ETF side of things, the SPDR Gold Trust ETF (NYSE:GLD) closed at $117.51 on Friday, down $0.07 (-0.06%). Year-to-date, the largest ETF tied to gold prices has gained 7.21%, versus a 6.66% 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 #6 of 33 ETFs in the Precious Metals ETFs category.


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