Looking at the gold charts today we find a solid bounce off support at $14.90 on the iShares Gold Trust (IAU, [stock IAU]).  iShares Gold Trust has been in descending channel since early February dropping over 14% since before bouncing off solid supportThe Relative Strength Indicator (RSI) is reversing today and moving up from solid oversold range confirming the bounce.

iShares Gold Trust (IAU, [stock IAU]) ETF seeks to replicate, net of expenses, the day-to-day movement of the price of gold bullion. The trust is not an investment company registered under the Investment Company Act of 1940 or a commodity pool for purposes of the Commodity Exchange Act. It receives gold deposited with it in exchange for the creation of baskets of iShares, sells gold as necessary to cover the trust's liabilities, and delivers gold in exchange for baskets of iShares surrendered to it for redemption.

Bottom Line:

Traders bullish on gold can consider looking at buying $15.27 - $15.32 with a stop loss set at $14.85 looking for a target at $16.20.