Even with markets waiting for Asian demand for gold to increase, the charts paint an encouraging picture for gold and the relevant ETFs. Also helping the case is the massive amount of gold own by ETFs, such as GLD and SGOL, throughout the world.
Related: Bullish Forecast for Gold ETFs
“Others argue that a sustained rally may require current geopolitical tension and economic worries to stay in place. In the past week, however, concerns over economic stability have largely eased and risk appetite among investors has increased,” according to Mining.com.
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SPDR Gold Shares
Tom Lydon’s clients own shares of GLD.