18.11.2014 - Technical move in gold ETF could be short-term bullish
GLD, the biggest gold ETF, may be signaling it hit a near-term bottom. The SPDR Gold Shares ETF was down about 0.3 percent Monday, as gold declined. GLD at 114 is off Friday's high and close of 114.72. It's down about 2 percent this year but more than 9 percent in the past three months. Gold futures have also fallen 9 percent in the period. Traders are betting GLD may have hit a near-term bottom after it surged on Friday. "It broke below a prior low and broke above the highs of the week," said Scott Redler, partner at T3Live.com. "Usually an outside reversal trades below a prior low and closes above a prior high. This traded below a prior low and closed above an almost two-week high."......................................Full Article: Source
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