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Gold In One Of Those Consolidations, But Looks To The Upside

|Includes: SPDR Gold Trust ETF (GLD)

Gold (NYSEARCA:GLD) has lately had periods of consolidation, followed by periods of sharp, and quick trends. The precious metal is in one of those consolidations periods. As a result, I am aware and prepared for a break and a quick trend.

Looking at the hourly chart, the price is below the converging 100 and 200 hour MAs at the 1599.50-1600 area. Other levels to eye include the 1594-75 and 1586.78. In the last few minutes the price has moved above the topside trend line at the 1594-75 area, and now looks toward that key 1600 level. A move above should solicit further upside momentum.