Gold ($GLD) rises above $920 on weaker dollar

• Gold futures rose above $920 an ounce
• As the U.S. dollar weakened after data showed a widening trade deficit in the U.S., boosting gold's investment appeal.
• Gold for June delivery rose $8.40, or 0.9%, to $921.90 an ounce in early North American electronic trading.

Upside trendline is still in tact.  and bounce off the 50% Fibonacci retracement level still holds.  Based on the declining appetite for the US dollar after the widening gap in the US deficit may hold in putting back GLD at $98 level. 

Will sell a majority of my position at that level and look for confirmation for the breaking above $100 to re-enter back in. After that breaks, target level $130.00

 

Source: MarketWatch