Can Gold's Rally Continue?

03/17/2010 9:24 am EST

Focus: COMMODITIES

Thomas Aspray

, Professional Trader & Analyst

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Gold ETF GLD and the gold futures gapped higher on Tuesday and closed with nice gains. Volume did increase, but heavier volume is needed to support a stronger rally. GLD did just slightly exceed its equality target in December as when we use the rally from point a to b and measure up from point c, we get a target of 117.91 and the high was 119.54. The correction has so far held the minor 38.2% support at 102.30. A strong move above the resistance at 112.30 would point to higher Fibonacci targets at 125-126.40 (Click here for related article.)

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