ETF Trends
ETF Trends

Gold exchange traded funds rallied about 2% on Monday as the metal’s price closed in on $1,800 an ounce.

SPDR Gold Shares (NYSEArca: GLD) is rising today as investors seek safety and security. The fund is outperforming and pushing to its best level for six weeks,” noted Tarquin Coe, technical analyst at Investors Intelligence.

The $71.3 billion ETF is up nearly 10% over the past month. The fund holds more than 40 million ounces of gold bullion. [Gold Miner ETF Aims for 2011 High; Einhorn Buys]

The gold ETF has rallied through falling trendline resistance and the rally should extend back up to the September high of $185.85 a share as conditions are not overbought based on relative strength, Co said.

Other gold ETFs include iShares Gold Trust (NYSEArca: IAU), Powershares DB Gold Fund (NYSEArca: DGL) and ETFS Physical Swiss Gold Shares (NYSEArca: SGOL).

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