Just like SLV the GLD also has been consolidating for the last month chopping in a tight range. Below is a 60 minute chart showing the 5 reversal points and today’s breakout above the top rail. We had nice volume on today’s rally that makes the breakout more satisfying from a Technical Perspective. It will be interesting to see how we inter act with the two big gaps that are just north of where we are currently trading. We should get a backtest to the top rail now that should pave the way for higher prices. As I stated earlier today, if we get back into the rising flag we would have to go back to a neutral reading and await further developments. Keep your fingers crossed.

GLD 60 minute look.