GLD (SPDR Gold Shares) has been consolidating within a
13-month flat range as shown on the monthly chart. The last three weeks, GLD staged
a strong comeback from the 119.42 low (Jun 3) to post a 2-month high at 127.23
last Thursday (Jun 19). Near term, as trend and momentum indicators are
bullish, there is scope for further upside towards 133.69 (Mar 14 high) ahead
of the 137.55 peak (Aug 28 2013, near 13-month range resistance). The
converging 200/50 day moving averages near the 123.80 area should provide
support on dips. A break below there would caution bulls for a 119.42 retest.
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