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Is Gold (GLD) headed for another upleg?

|Includes: ABX, GDX, SPDR Gold Trust ETF (GLD), GOLD, RAND

The SPDR Gold Trust (NYSEARCA:GLD), which is a decent proxy for gold prices, is moving higher again today on the first trading day of November.

Taking a look at the GLD Daily Chart below, you can see that we pulled towards the key 100 level last week.  Daily Percent R also moved down from Bullish territory to test the key 50 mid-level.  We since have bounced from these support areas, and are approaching the old October highs.

In October, the GLD got stuck in roughly a 102.5 to 104.5 range.  That range may again provide a bit of resistance ... but it looks to me like a breakthrough to new relative highs is in the cards.

GLD Daily Chart

Moby Waller,

Disclosure:  No current position.