“The ratio at mid-week is moving higher and is attempting to break above old highs and back into its falling price channel,” reports ETF Daily News. “A breakout here would send a bullish message to metals investors, one not seen in a few years. Gold is knocking, will the bulls answer?”
Some market observers believe support for gold is firm at $1,300. The recent safe-haven buying could help gold maintain its current levels as more investors try to diversify their core portfolio positions in more volatile markets.
For more information on the gold market, visit our gold category.
Tom Lydon’s clients own shares of GLD.