Our gold model has turned positive, and this coincides with the improving technical picture, which I discussed 2 weeks ago.
Figure 1 is a daily chart of the SPDR Gold Trust (symbol: GLD). The black dots are key pivot points, which are the best areas of support (buying) and resistance (selling). A second close above the 163.34 resistance point would be very gold positive. Support is at 159.88, and a daily close below this level would be reason enough to reconsider this trade.
Figure 1. GLD/ daily