Breakout in Gold

Last weekend we noted the bullish technical set up in gold. Today the pattern resolved itself to the upside in classic 'breakout' fashion. The move once again finds gold in price discovery, exploring time highs.

Whenever one of these upside resolutions occurs after you were watching it form, there will always be some regret that you weren't long enough ahead of the move. But then remind yourself about the prudence of risk management, and that opportunities can be made up easier than losses.

That's what I was telling myself today ;-)

Besides, past resistance at 140ish GLD has now become support. A pull back in price toward that 140 level may present a nice opportunity to add to a position...

position in GLD