GLD Shines Ahead of the Fed

This afternoon, the SPDR Gold Trust (ETF) (NYSEARCA:GLD) is trading higher ahead the highly anticipated Federal Open Market Committee (FOMC) announcement. As many of you already know, when gold and silver rise they have been one of the best indicators of inflation in the stock market. Recently, gold and silver have come under some selling pressure despite the recent stock market surge, however, gold and the major stock indexes are usually synonymous, trading higher together.

Short term traders should watch for intra-day resistance for the GLD around the $163.30, and $164.40 levels. The daily chart of the GLD should have important resistance around the $165.25 area. Some other ways that traders can follow the long side of gold include using the iShares Gold Trust (ETF) (NYSEARCA:IAU), Sprott Physical Gold Trust (NYSEARCA:PHYS), and the Deutsche Bank AG DB Gold Double Long ETN (NYSEARCA:DGP).

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About Nicholas Santiago 576 Articles

Affiliation: InTheMoneyStocks.com

Nicholas Santiago started trading in 1991. In 1997, he became a licensed Series 7 and 63 registered representative. He managed money for a large, affluent private client group. After applying his knowledge to his client base, he decided it was time to begin teaching those interested in learning his methods. He is an expert in Technical Analysis. He has become an accomplished technician in the studies of Elliot Wave, Gann Theory, Dow Theory and Cycle Theory. In 2007, he partnered with Gareth Soloway to form InTheMoneyStocks.Com and realize his dream of educating others about the truth of the markets.

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