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Commodity ETFs Begin 2009 in Great Shape

By Deron Wagner

About this article:
In recent months, both spot gold and gold mining stocks and ETFs have traded erratically within a wide range, making it difficult to stay with any positions. However, this situation may be changing. After a 15% run from Dec. 8 to Dec. 17, SPDR Gold Trust ran into resistance of its long-term primary downtrend line. But rather than retracing deeply, GLD pulled back only nominally in the days that followed, and its trading range subsequently tightened up. Over the past week, while most of the stock market has been in holiday hibernation mode, GLD stealthily resumed its newfound strength, closing above its 200-day moving average and breaking out above key resistance of its five-month downtrend line: SPDR Gold Trust (GLD) TradeStation GLD is beginning the new year at a multimonth high closing price and above resistance...

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