The price of gold, as measured by the popular SPDR Gold ETF (NYSEARCA:GLD), is higher by around 10% year-to-date. While this is a welcomed move for fans of gold, it has also been a long time coming. Many traders and investors alike, however, have yet to get on this new bullish trend in the precious metal. And I think the GLD ETF can still climb plenty higher.
When I last voiced my take on the GLD ETF on June 19 I offered the following bullish take: “investors and traders with a time horizon of a few months/quarters could look to buy the GLD ETF here in the mid-to-high $120’s with a next upside profit target at $140 and a stop loss at $120.” Since then, GLD has rallied about 5% and is currently testing its late June highs.