The green shaded areas on each side of the chart illustrate the trading range of GLD so far in 2007. GLD began January at $61 and in a column of O’s (supply), by the end of February GLD had rebounded to $68 for an 11% increase in value. Though streetTRACKS Gold Trust is in a column of O’s after a nice rally in April it is still trading above its bullish support of $62. If it hits $63 it will dip below its 200 day moving average of $63.08. GLD is trading below its 50 day MA of $66.52 and should be watched carefully here in the short term. Last year around this time GLD did have a considerable reversal to the downside by 16 points or 22%.
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DE Smith of MyPortfolioView
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