Gold finally found some footing Friday January 28th as the market got hit, and since has been trying to gain some traction for a move higher. Gold got a nice move Friday before resting the last two days. This morning Gold, which I trade with the SPDR Gold Trust ETF (GLD), is back on the move, set to open above Friday’s high.
I have opened a position in GLD this morning and feel it can get back to the $136 pivot rather easily. As long as it holds above $130.50, it should trade back toward highs. The gold trade is still trying to find its identity for this year, and with inflation heating up that could be the cost driver for now.
*DISCLOSURE: Long GLD
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