1pm update - Gold set for another burst higher

Gold was down $11 in the early morning, but its recovered again. There is gap resistance around GLD 143, if that can be closed over, it opens up another $3-4 next week. It would then seem likely that a very large bear flag - with a double gap fill, will be complete.


GLD, daily

Summary

*very little change in main indexes, hence a little diversion with Gold

I can't see GLD putting in any series of closes >148, and that will probably make for extreme resistance next week. The SLV chart looks largely the same, except a much weaker bounce.
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I never trade GLD actually, Silver is twice as volatile (usually), and makes for much more dynamic trades.

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As for the main indexes, there remains the real threat of latter day recovery/melt.

STX (seagate) still -5%, a few more days of downside look somewhat likely.