Gold Reverses to the Upside

03/19/2009 9:49 am EST

Focus: ETFS

Thomas Aspray

, Professional Trader & Analyst

chart

GLD was down sharply before the Fed announcement, but then reversed to the upside and closed strong on very heavy volume (see arrow). The 38% support level was tested and appears to have held. The next resistance is in the $95-$96 area, with the upper trading channel now in the $102 area.