Commentary:
In late August, the price of gold – as represented by the SPDR Gold Shares (ARCA:GLD) ETF – broke out of a long-term triangle pattern, and that breakout is now facing its first area of major resistance. Breaking through that area keeps the possibility alive that the upside profit target will be reached. Several major gold stocks involved in exploration and production are also at important technical levels. These stocks do not necessarily move with the price of gold, lead or lag the price movements seen in the gold market. |
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SPDR Gold Shares (ARCA:GLD) | |
SPDR Gold Shares ETF made a high at $185.85 in September 2011. This became the starting point of a triangle pattern which lasted until the end of August 2012. The triangle covers a price range (height of the chart pattern) of approximately $35, which can ... |