GLD updated

The daily chart of gold ETF GLD shows the metal having broken upward from the little Symmetrical Triangle that too many people have been making too big a deal about.  Of more importance is the lateral resistance at which gold finds itself bumping its head now.  That resistance coincides with the downward sloping EMA 200.

MACD has triggered up and gone positive while TRIX has triggered and remains below zero.  These look good on balance.  RSI has broken above a resistance level; also good.  CCI shows very short term over bought, so a reaction - conveniently timed with the FOMC and/or ECB? - could happen at any time.  The ADX and DI lines show gold to be in a trendless situation, which is good after a long and corrective consolidation.

All in all, not bad but the relic still has a lot of work to do during this very noisy summer.

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