GLD weekly - Triangle target has been met. Living outside the upper BB. RSI getting toppy and S Sto is embedding. Bears can't gain any traction. EWI thinks gold has possibly completed an ABC pattern (but warns of a possible 5 wave move up).
GLD/SLV comparison - Well, if trends hold true is it time for GLD to pause, move sideways and for SLV to make its run? This is pure trend speculation and I have not backed it up with anything but a trend.
Bottom line is I think gold is due for a pause in the action. I am not going to speculate on a pullback till the indicators confirm my thoughts. Then, we'll have to see if the silver run up trend confirms the top.
NOW - all that being said (I have called for a possible pause soon and a sideways move in gold) please read The New Gold Floor from Zero Hedge. The trading actions, mainly by India) have possibly caused a new upper floor in the price of gold (a $5bn purchase at these prices will have that effect). I am actually looking for a long entry into gold and will hopefully get a pullback to make that play.
GL trading.
