Gold looks interesting here. It looks it can go either way... a breakout or a breakdown.
The triangle formation is showing an interesting multi-month consolidation. The question now is... will which way will it break to.
If your a deflation hawk, then it will go down.
If your an inflation hawk, then it will go up.
Since I am neither, anD am a trader, the chart is telling me we will break down first before GLD moves up.
The reason... I believe the market will correct. W/a correcting market, GLD will mostlikely decline (along w/other commodities). But I do not see the mid/high 80s being broken downward on GLD. Especially since I do not expect a major market correction... just a consolidation.