Fed Chairman Ben Bernanke discussed the possibility of QE3 yesterday and he left the door not a little open, but wide open in my opinion. The news was good for gold, which turned around yesterday after the comments to close with a small gain. The bullish sentiment to the metal continued this morning as the SPDR Gold ETF ($GLD) remains higher.
Technically the ETF has been consolidating and could be close to a new breakout as long as it can continue to hold support at the $156 area. If you believe in QE3 as a real possibility in the coming months - either buy $GLD now or hold what you have.
No comments:
Post a Comment