Jim Cramer: Gold prices may have more room to run

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Now could be an opportune time for investors to start a position in bullion, the GLD ETF or Barrick Gold, the "Mad Money" host said. Subscribe to CNBC PRO for access to investor and analyst insights:

Investors may have an opportune time to start a position on gold or gold securities as the precious metal could be on an upswing, CNBC’s Jim Cramer said Tuesday.

After reviewing chart analysis from Carolyn Boroden, a commodities expert and Fibonacci analyst, he suggested that bullion, the SPDR Gold Shares, or GLD, exchange-traded fund and Barrick Gold are ripe for holding.

“The charts, as interpreted by Carolyn Boroden, suggest that gold prices could have a lot more room to run and that certainly fits with the current backdrop that we see in the news,” the “Mad Money” host said.

Gold investments can serve investors as insurance against inflation and general economic chaos, Cramer said.

Gold futures have risen about 25% year to date, and the price for the precious metal is down 8% from its peak close in early August. It rose about 17 points to $1, as of Tuesday afternoon.

While looking at the weekly chart of the continuous gold futures, Cramer noted that Boroden, who launched , forecasts that gold is still on a long-term uptrend as long as it stays above its September lows under $1,870.

The higher highs and higher lows is “exactly what you ant to see in a chart,” Cramer said.

Boroden sees a scenario where the price of gold could rally double digits to new highs of $2,153 if it can stay the September low, and she believes it has already placed a bottom, the host explained. She also sees two key resistance levels of $1,910 and another $1,920.

“Clear these two hurdles, along with the October high at $1,939 … [it could] be really smooth sailing,” the host said. “As long as the precious metal hangs in above the mid-1800s, call her a buyer. I think she’s going to be dead right.”

As for Barrick Gold, shares of the Toronto-based company are within $3 of their September closing high. At $, the stock is up almost 50% this year.

As for GLD, the ETF is within 15 points of its closing high in early August. The ETF is up 25% year to date.

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