Wow, look at the price of gold.
Gold has bounced higher over the past two weeks, after running into a key long-term support level down near 1,130, a level we have discussed looking to buy near in recent daily commentaries. The SPDR Gold Trust (GLD) has gained about 2.7% over the past seven days.
We are bullish in the near term on gold while it is above the 1,130 level, and we will continue to watch for weakness or pullbacks, to be buyers, ideally on a price action signal. We see the potential for upside movement at least into the 1,220 area.