Gold Start to Rally? Yes. At least for the short term base on technical analysis because Gold has just broken the previous support turned resistance. Looking at the GLD (SPDR Gold Shares ETF), GLD has broken the $130 critical resistance level and also moving above 20D / 50D SMA. Base on the past few months chart pattern, 20D SMA is a reliable support and resistance moving average line. The price target for this GLD rebound is about $139-$140 region base on 161.8% Fibonacci Expansion Level by mid Oct 2013 (using Fibonacci Fan).
- Gold Short Term Trend: Bullish
- Gold Long Term Trend: Bearish (200D SMA is still trending down)