The GLD gapped up and broken out of the triangle pattern on Friday with heavy volume. It also broke above the December 2008 triple top decisively. Next level of resistance will most likely be in the 91-92 zone. We'll see if gold will hit the $1000 mark next week. If it does, that will move lot of the sideline money and the money sitting in treasury into gold.
A related gold mining stock is of interest as well, ABX.
The price action on this stock is very similar to the GLD ETF. It broke above the December 2008 resistance and testing the next level resistance between 39 and 40. When it breaks above 40 and when gold move above the $1000 and toward the $1200 per ounce level, this stock could be looking at making a new all time high above 52.
Keep an eye on gold and gold mining stocks for the next bull move.
