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Gold

|Includes: SPDR Gold Trust ETF (GLD)

Given today's reversal from a would-be down trend line breakout, let's look at gold and remember that it, like the USD, is weekly MACD trigger down. There is a battle between a little bear flag and larger bullish looking consolidation flag.

Separately, some people might mistake the noted pattern for a bullish inverted head & shoulders. It is not one. It can't be since a valid inverted H&S comes at a bottom, not a top. It could however, be an ultimately bullish ascending triangle targeting 1300 well down the road. But that would entail another hit on the lower line, and how bullish do you think most people would be if that happens?