“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.
Tom Lydon’s clients own shares of GLD.