Gold Stands Alone At The Moment
The SPDR Gold Shares have been in rally mode since July 1, 2011 when it traded as low as $143.97 a share. Since that low pivot in the beginning of July, the GLD has rallied sharply higher by 5.0 percent. This morning, the GLD is trading higher by $1.34 to $151.59 a share. Short term traders can watch for intra-day resistance around the $152.00 area. Should the GLD rally further throughout the session the $152. 50 area would be the next intra-day resistance area. Gold is being viewed by many investors and traders as the only true form of currency in the world.
Gold mining stocks are rallying higher, however, they are not as strong as the precious metal. Some leading gold mining stocks that that are trading higher include Agnico Eagle Mines LTD(NYSE:AEM), Randgold Resources LTD(NYSE:GOLD), and Yamana Gold Inc.(NYSE:AUY). It is important to note that many of the gold mining stocks are extended on the daily charts, therefore, the upside could be limited until these stocks pullback or consolidate a bit.