This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Is Gold Going to Finally Return to Its Rise and Shine Again?

NEW YORK (TheStreet) -- The long-term chart for the SPDR Gold Trust (GLD) exchange-traded fund, the proxie for gold, is trying to base out and turn around.

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.

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Submit an article to us!
SYM TRADE IT LAST %CHG
AAPL $128.95 0.00%
FB $78.99 0.00%
GOOG $537.90 0.00%
TSLA $226.03 0.00%
YHOO $42.51 0.00%

Markets

DOW 18,024.06 +183.54 1.03%
S&P 500 2,108.29 +22.78 1.09%
NASDAQ 5,005.3910 +63.9670 1.29%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs