GLD – Big Move in Gold Today

After 6 months of declining, we’re starting to see some positive commentary on the gold front.  The past few days there has been gold bullish news, not just pertaining to technical charts.

  • “Goldman Sachs is out with a bullish note on gold. They see three reasons for a rebound starting with a stabilization in emerging market growth and EM currencies. Second, the say a recent liquidation in specs as a one-off cleaning up of speculative positions rather than the start of persistent developed market outflows. Third, they say that a rising interest rate environment isn’t necessarily bad for gold. Technically, gold is a non-starter until it can get above the late-August and September highs.” (ForexLive)
  • “Gold fell for the sixth straight month in September, the longest losing streak since 1997, Commerzbank notes. However, “we believe the tide will soon turn for gold and envisage a potential price of $1,300 per troy ounce by year’s end.” (Kitco News)
  • “The 3-Year Min/Max Screen shows that “smart money” hedgers moved to another multi-year extreme long position in gold.” (Sentiment Trader)

Short covering likely played a large part in today’s upward move, but resistance lines above the current price still need to be broken for a convincing turn around.  The chart of GLD demonstrates how drastic the past 6 months have been, and where we are today.

The post GLD – Big Move in Gold Today appeared first on Catalyst Hedged Commodity Strategy Fund Blog.

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Kimberly Rios, CFA, CMT, Portfolio Manager
Kimberly Rios, CFA, CMT, Portfolio Manager
Kimberly Rios joined Catalyst Capital Advisors as a Portfolio Manager in 2014. She is currently a Portfolio Manager of an options-based commodity fund at Catalyst Funds. She carries the Series 3 license, the Chartered Financial Analyst (CFA) Designation, the Chartered Market Technician (CMT) designation, and is a member of the National Futures Association. Ms. Rios has degrees in Economics and Finance from the University of Arizona.

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