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
This material is being provided to you for educational purposes only. No information presented constitutes a recommendation by T3 LIVE or its affiliates to buy, sell or hold any security, financial product or instrument discussed therein or to engage in any specific investment strategy. The content neither is, nor should be construed as, an offer, or a solicitation of an offer, to buy, sell, or hold any securities. You are fully responsible for any investment decisions you make. Such decisions should be based solely on your evaluation of your financial circumstances, investment objectives, risk tolerance and liquidity needs. Visit the T3Live Homepage, Virtual Trading Floor, and Learn More About Us.
