GLD Appears to be Solidifying

The GLD Gold ETF has been in the doghouse for a really long time and more and more people have been predicting that it will keep falling into oblivion but the price action cannot be ignored and over the past six weeks the GLD has been solidifying into somewhat of an inverse head and shoulders pattern at its lower short term channel line.

Click on image to enlarge

While the pattern itself is a little fuzzy, the pink neckline of the top of the pattern is sharp and pronounced and a break above that could definitely trigger a gold play.

Trade well my friends

Alan