New Target for GLD

By Sam Collins,

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SPDR Gold Shares (NYSE: GLD ) - This exchange-traded fund (ETF) seeks to mirror the price of gold bullion.

I have been recommending GLD for more than a year. Our latest Trade of the Day recommendation on Sept. 16 said, "An intermediate correction in July only temporarily interrupted the rising price of gold, and this week, GLD broke from a triple-top to a new high. The immediate target is still $130, but with new buying from central banks, the price could jump to $140."

With the recent breakaway gap, the possibility of a "currency war," and a rush to precious metals, our target is raised to $150-plus.

Since GLD is technically overextended, protect new positions with smaller initial positions and close trailing stop-loss orders to protect against violent corrections.

Trade of the Day - GLD Chart

Trade of the Day Chart Key

If you have questions or comments for Sam Collins, please e-mail him at .

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

This article appears in: Investing Stocks
Referenced Stocks: ETF , GLD

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