GLD - Big Picture!We are doing exactly what we should be doing. Consolidating a huge up move. This flag is ten weeks in the making and about five weeks less than the flag that began the most recent breakout. Going back to 2009 and the stair step up to 2011 you can see similar flags of similar duration. I'm not calling a bottom but just want to show that we are doing what we should be doing notwithstanding that we probably would have liked to see another move up. Macro economic conditions have favored equities that last couple months but gold's day to shine is coming. Maybe need a little more oversold and a touch of the 200 day before we head up again. We are at the bottom end of the range of the flag right here and may get a bounce before making another move down. Next week should be interesting. Market making new highs daily but lots of charts looking top and RSI at extreme overbought levels. We shall see. Have great weekend folks.
