Gold Breaks $1630 per Ounce (GLD)
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SPDR Gold Shares ETF (NYSE: GLD) is higher by 1 percent early on Tuesday as gold prices hit their highest levels since June 6th. The move comes as the U.S. dollar hit a six week low.
Traders say a break of the $1630 triggers technical buying and an extended move could be in the works that would target $1675 per ounce. Gold has been trading in a very tight range for months, and today’s breakout comes as a welcome sight to traders frustrated by the lack of momentum in precious metals.
SPDR Gold Shares ETF (NYSE: GLD) currently trades at 158.82. The spot price of gold currently trades at $1637 per ounce early on Tuesday.
Traders say a break of the $1630 triggers technical buying and an extended move could be in the works that would target $1675 per ounce. Gold has been trading in a very tight range for months, and today’s breakout comes as a welcome sight to traders frustrated by the lack of momentum in precious metals.
SPDR Gold Shares ETF (NYSE: GLD) currently trades at 158.82. The spot price of gold currently trades at $1637 per ounce early on Tuesday.
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