Brian Kelly's SPDR Gold Trust (ETF) Trade

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CNBC Fast Money's
Brian Kelly spoke on the segment of the show called "Behind the Trade" about reasons for a bullish position in
SPDR Gold Trust (ETF)GLD
. Kelly explained that from the technical standpoint the stock is trading close to a major support level of $114.25. It has bounced off this price level several times in the last four years. On Wednesday, SPDR Gold Trust (ETF) bounced again off the support and it is interesting that the move higher happened after the FOMC talked about the strong dollar, added Kelly. The sentiment is currently against gold and Kelly believes that when everybody is bullish on the U.S. dollar it is wise to go to the other side of the trade and buy gold. He wants to make a purchase at $114.25 and take profits at $123. SPDR Gold Trust (ETF) is currently trading at $117.65.
Posted In: CNBCMediaBrian Kelly
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