Will Gold Break Higher? Goldman Sachs Ups its Target to $1300

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Will Gold Break Higher? Goldman Sachs Ups its Target to $1300

Published on Sunday, 15 August 2010 22:08 Written by The Trader Next Door

New York, Aug 15^th (TradersHuddle.com) – Gold closed the week on the verge of breaking higher and picking momentum as it was able to re-take its 200 day moving average. In the case of the marquee Gold ETF the Spider Gold Trust (NYSE:GLD) or the GLD closed above $118.20, and doing it on a weekly close basis, which improves the technical bullish posture for gold.

Also last week, we had Goldman Sachs upping its 6 month Gold forecast to $1,300/toz. Goldman Sachs rationale is based on the recent sell-off from the June highs, have left speculative long positions in gold in oversold levels relative to US real interest rates, which they believe sets the stage for a probable rally in Gold.

To play the Gold rush we can use the Deutsche Bank AG DB Gold Double Long ETN (NYSE:DGP)

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Long DGP and GDX

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