3 Charts That Suggest It’s Time to Buy Gold

Precious metals are off to an impressive start to 2018, with most surpassing key levels of resistance in the first few trading sessions of the year. Active traders are taking note of the bullish price action, and many are suggesting that this could be the start of a major move higher. In this article, we take a look at several gold-related charts to get an idea of how traders will trade the move higher and how the momentum is affecting underlying miners within the sector.

SPDR Gold Shares

Retail investors looking to gain exposure to gold tend to focus their attention on exchange-traded products such as SPDR Gold Shares. This fund owes its popularity to its relatively cost-efficient structure and scale. Taking a look at the chart below, you can see that the trendlines have defined the trades over the past quarter, and many are expecting this trend to continue. Specifically, the recent breakout suggests that the bulls are in control, and most traders will likely watch for a range to develop beyond the 52-week high of $128.32. (For more, see: Now Is the Time to Buy Gold and Silver.)

Bullish chart patterns on popular gold-related ETFs suggest that traders are expecting a move higher. …read more

Read more here: 3 Charts That Suggest It’s Time to Buy Gold

Category: GLD, GDX, GDXJ

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