SPDR Gold Shares on the Rise
by Sam Collins 04/09/09
SPDR Gold Shares (GLD) -- This Exchange-Traded Fund (ETF) seeks to mirror the price of gold bullion.
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Following a rise from below $40 to more than $110, GLD spent most of 2008 in a downtrend which reached $66 in early October.
Since then, it has tracked the price of bullion and rose to just under $100 in February. But along the way it flashed one of the most respected bullish signals, the "gold cross," which usually precedes a major advance.
Following its run to $100, GLD pulled back to support at the 200-day moving average where it is about to issue a positive signal from the stochastic. Shares purchased now could reward the buyer with a move to $125.
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Sam Collins is a registered, fee-based portfolio manager who may be contacted samailc@cox.net. You can also check out an archive of some of his most recent market outlooks by clicking here.
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