GLD Redux by Grant C

A couple of weeks ago, I noted that GLD was set up in a symmetrical triangle on the weekly charts. Frankly, I thought it would head down after a series of lower highs, but up it went. So, now what? Well, GLD did emerge, but it hasn't been much of a rush--no real urgency in volume or momentum, yet the intermediate trend is up with a possible retest of the highs in the future. Though we broke out, the 2-day RSI tells us we're short-term overbought. Some traders buy the breakout and in this case would have made money. Since I prefer a more conservative approach, I'm stalking GLD, looking for a retracement to value, or the rising 20-day EMA.