Thursday, GLD popped over the $128 resistance level on the way to potentially building a constructive base from which to launch a new uptrend. GLD will have to surmount several more major resistance levels before one can say that it has turned the corner back up.
Although it is trying, at this time one cannot say whether GLD will succeed. All one can do is say that GLD is in a chart setup that may possibly work out. Therefore, I would set price alerts at the resistance levels drawn on the below chart:
The reasons for the recent strength in GLD are numerous. >>5 Big Trades to Conquer a Correcting Market >>Thursday, July 10: Today in Gold and Silver First and foremost is the insane monetary easing by the world's central bankers, which has caused numerous asset bubbles all over the world. James Rickards has written about the potential demise of the dollar and the potential for GLD in his recentbestseller, The Death of Money, which takes off where his last book, Currency Wars left off. Rickards posits that a coming collapse of the world monetary system will be triggered by the irresponsible money printing policies of the world's bankers, including the Federal Reserve.