Is Gold Breaking Out?

04/07/2010 2:22 pm EST

Focus: ETFS

Thomas Aspray

, Professional Trader & Analyst

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Gold is putting in an impressive performance today as the futures and gold ETF GLD are showing nice gains so far. We have moved above trend line resistance, but as of mid-day, the volume is not impressive. It is still my view that the high in December 2009 was not a major high as it was confirmed by the monthly OBV. Therefore, I am expecting new highs, but the correction has lasted longer than I expected. Next resistance for GLD is at 113.60 with further resistance at 116. There is key support at 106.

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