Gold Rallies Up Near Important Levels

Includes: GLD, IAU
by: Bespoke Investment Group

The price of gold has made a nice comeback from its bloodbath in mid-April. Below is an intraday chart of gold over the last 15 trading days. Following its 9%-plus decline on April 15, gold has rallied by more than 7%. Both Friday and today, the commodity has briefly traded above the opening price of 1,478.20 on April 15 before pulling back.

Going forward, if gold can break that level, the next level of interest is the closing price of $1,501 from April 12. If you are looking to get long gold, it would probably be best to wait until the commodity can get back above at least one of these levels before making a commitment.

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