Is Gold Ready to Bottom?

Cramer Goes Off the Charts on GLD

Mad Money's Jim Cramer turns a technical eye on GLD to get a read on what the charts indicate for gold, as interpreted by Caroline Boroden, FibonacciQueen.com, and to figure out if the precious metal is ready to bottom.

Gold has become a real battleground lately, but is there now cause for some optimism?

“Mad Money” host Jim Cramer thinks everyone should own gold. The GLD, along with iShares Gold Trust, is his preferred way to play the precious metal, in part as insurance against “economic chaos” and in part because of supply and demand.

“Supply can’t keep up with demand,” he said, “which is a big reason gold has now gone up for 11 straight years, and I think the streak’s going to continue in 2012.”

But what do the charts say—is the GLD ready to bottom? To find out, Cramer went “Off the Charts” with the assistance of highly regarded Wall Street technician Caroline Boroden. Watch the video to see Boroden’s interpretation of the GLD chart.

Call Cramer: 1-800-743-CNBC

When this story was published, Cramer’s charitable trust owned iShares Gold Trust.

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