Gold ETF Follows Through On Wednesday's Rally
SPDR Gold Trust (ETF) (NYSE: GLD) shares are trading higher by $0.73 at $116.98 in Thursday's session.
The gain comes on top of Wednesday's gain of $2.23, from $114.12 to $116.25. When Gold futures didn't decline following the Fed expected hike in interest rates, those short the bullion raced to cover their profitable positions, thus instigating a rally in the corresponding ETF.
However, off the higher open, the ETF immediately found resistance at $117.29 and began to retreat. That high coincides with its March 6 high ($117.35). The last time the ETF closed over $117.00 was March 3 when it ended that session at $117.51. Two days prio, the ETF closed at $119.08.
Prior to the recent rally, the ETF put in a series of six lows in the $114.00 handle providing the foundation for the recent rally.
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