Gold – 21 Jun (re-visited)

Breakout from the symmetric triangle? We’ll see tomorrow me thinks. 1563 awaits a re-test.

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For the GLD traders, price is approaching resistance. I am somewhat concerned that there does not appear to be a lot of punch in this chart right now. Volatility is really in the dumper. If we do not get a hard move higher soon, we may have divergence developing in MACD between the 153 high and a potential future re-test of that price. On the other hand, what better time to buy call options when volatility is low and premium is subdued? I think a decent trade may materialize if we can get a close above resistance. Perhaps a near term 155 strike with a stop corresponding to a price just above the 20 day moving average?

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The Elder Impulse chart is showing a green bar and suggests long exposure. Look at those Bollinger bands, they are telling me volatility has only one way to go at this point.

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