I have mentioned previously that I like to use hourly Point and Figure charts to designate levels of support and resistance. These charts take out most of the noise that goes along with conventional charts.
GLD is still in an uptrend and has been consolidating for a while and looking to pick a direction soon. Personally I want it to resolve to the upside. I want the Gold bugs to keep making new highs. One reason is because I am long gold stocks. The second reason is I feel as the HUI goes the overall market goes.
Click on chart to enlarge
Disclosure: I am long GLD.
GLD HOURLY POINT AND FIGURE CHART
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