Exchange traded funds (ETFs) that hold gold were down on Friday, although the sliding dollar is helping to lift the value of the metal. The value of bullion tends to move in the opposite direction to changes in the price of U.S. currency, reports Simon Constable of The Street.com. The ETF streetTracks Gold Shares (GLD) was down along with the late day dip. A technical analysis states that the metal is not extremely overbought and since the upward trend is somewhat stable, the longer term looks positive. Analysts are predicting the next resistance level to be at $675, maybe hitting $700 by year’s end.
GLD is up 4.5% for the month, while Market Vectors Gold Miners (GDX) is up 9.2% and iShares Silver (SLV) is up 12.2%.
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