The ETF closed out today at the best level in two weeks and is not far from breaking out to a new monthly high if the influx of money continues. Gold has moved back into the spotlight this week due to the headlines surrounding Cyprus and the issues that the Eurozone continues to deal with.
The combination of the "safe haven" trade and the technical bounce off of support in late February has put GLD back into a neutral status versus is bearish stance just a few weeks ago. I do like gold when looking out a few months and believe that GLD can get back into the mid-$160's where it will encounter some resistance.
The chart below is a daily chart of GLD over the last year. The blue line is the 50-day moving average and that will be the first major hurdle as you can see it has been resistance during the last few attempts to rally. The close above $158 is the first step, after that it should be clear sailing to the $160's.
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