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Gold Inches Higher For The 5th Day, But Tests 38.2% Retracement Target

|Includes: SPDR Gold Trust ETF (GLD)

Gold (NYSEARCA:GLD) has been benefiting from the simple notion that "it can't hurt to be long gold?" attitude. The price is up for the 5th straight day but has a key test to overcome. The 38.2% of the 2012 range comes in at the 1627.22. Above that is trendline resistance at 1631.50. The combination is a key test for the bulls enthusiasm and it seems that sellers have used the level to cover some positions.