This morning’s gap up took the price up to the top rail of potential triangle consolidation pattern. The high for this morning stopped right at the top rail. You can also see two gaps below today’s price action that may need to get filled at some point. The 300 dma comes in around 160 also. This is the point where the bulls have to show their strength and break through the top rail of the triangle to get the ball rolling to the upside. If they fail right here and prices start to decline and break through the bottom rail of the red triangle the triangle will be a consolidation pattern to the downside. If that is what happens then the horizontal support at 149 will be taken out and that will usher in a move to new lows since the top at 186 for GLD.  Today’s high is 157.21 so that is the number we’ll watch very carefully.