GLD the gold futures ETF LONGOn the daily chart GLD is in a volume profile early breakout going above the jagged pruple line
representing the top of the high volume area. Price has been compressing within a
symmetrical triangle and now has broke through the descending resistance trendline portion of
that. What remains to be seen is a retest of that new support line. Of late Bitcoin has ran up
and probably taken with it market cap away from gold. ( see my idea on the Bitcoin to spot
gold ratio) Now that Bitcoin has topped and is retracing capital is freed up to flow into gold
which has been comparitively weaker. I will take a long trade here and exploit the opportunity
in the cycle between gold and Bitcoin.
