The gold price did exactly what the doctor ordered today. It consolidated in a small hammer doji type candlestick after yesterday’s monster gains. This is a bullish sign and bodes well for future days weeks ahead.
The GLD ETF could easily pull back to 140.72 tomorrow or Friday and the whole chart structure would still be very bullish. In fact I would view any price action near the 140.72 range tomorrow or Friday as a significant chance to go long again the GLD or DGP or a chance for an initial entry into this market.
It is too bad they have not come up with a triple gold long ETF yet (unless there is one that I am not aware of). They have a TZA for the triple Russell, so why not a triple gold long or even a triple silver long?
The gold and silver markets are the only REAL bull markets in force right now… Yes equity markets are booming too, but a lot of their moves are from artificial paper money printing.
I suspect that eventually the ETF makers will offer a triple gold and silver long ETF but probably right at the peak of the next major up trend.