The GLD Gold ETF has been written off as dead money because of its failure to break the 130 level twice in the past two years.
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Standing back looking at the GLD on its weekly chart, we can see that since January 2016 the GLD has been building a large sideways triangle that is actually closer visually to an ascending triangle and has its bottom diagonal line defining the lower line of its black twelve-year channel. There will obviously be a breakout / breakdown event in the next two to three months which could coincide with a breakout of the VIX from its descending trend line as both the GLD and VIX have the same amount of wiggle room before decision time comes.
Trade well my friends
Alan
