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Gold Likely To Trade Higher Short Term

|Includes:SPDR Gold Trust ETF (GLD)

By Jeff Pierce

Gold is likely to have a short term bullish bias now that it's retested the July lows, held, and started to move higher off those levels. Back in August I suspected we would have to revisit the lows before we could say a decent support level could be formed and now the $1175-1225 level seems to be that support it needed before finding a bottom.

I have a feeling that we'll be looking back month's from now when gold is back to $1400 level thinking that the easy money has been made on this trade when it trades back into resistance. At that time we'll have a clearer picture if July 2013 was the lows or if it was just a stop gap before gold makes it's ultimate bottom near $1000.

Gold weekly remains in a long term uptrend.

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Stocks: GLD