I'm looking for GLD to $168 and for SLW to $40 Friday.
Breakout Time for Gold?
The gold market has been denying all logic. Virtually everything that is happening in the global economy suggests the price should be rising -- and probably rising fast -- yet it has been unable to move out of a trading range of between around $1,680 and $1,750 per ounce. And every time it nears the top of this range, it gets knocked back again.
It certainly has made some weak holders pull out of the gold market altogether, while believers are beginning to find the call from gold experts that they should use the dips as buying opportunities frustrating to say the least -- and they may fall out of the market, too.
It's actually interesting to look at the chart of the gold price running back ten years or so: