My blog post last week regarding the SPDR Gold ETF ($GLD) highlighted how the ETF pulled back to support at the $164 area and bounced It ran up to $170 on Friday before pulling back yesterday and this morning. At one point $GLD was down to $165.53 and hitting a new one-week low. It appeared that support would be tested once again.
However, midday Gold began to rally and $GLD closed up 0.5% on the day at $168.18. The bullish one-day reversal today was another positive signal for the precious metal. I still believe that nearly every possible scenario in 2012 has Gold moving higher. I continue have believe $GLD and its competitor $IAU are buying opportunities at current levels.
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