Please Note: Blog posts are not selected, edited or screened by Seeking Alpha editors.

Rally Ahead for Streettracks Gold (NYSE: GLD)

|Includes: SPDR Gold Trust ETF (GLD)

December 29, 2010

On Tuesday, December 28, shares of Streettracks Gold (NYSE: GLD) gapped up at the open and closed up about 1.7%.

Over the past two months there have been two breakout rallies that began after prices had corrected. Both corrections had been shallow, at least in terms of this volatile commodity as was the latest correction, down under 4% from the prior closing rally highs at $139.11.

The odds are good for a repeat performance with another breakout to new highs in coming days or weeks.

The initial target for a new high is at $141.25. After this the next target is at $143.53.

Support is at $135 a share. does not currently have a position in Streettracks Gold.