The gold price has a habit of doing these long slow consolidations and putting everyone to sleep when they should be sitting on the edge of their seats eager to buy with both hands. It also seems to get the beginning of big moves going on slow days of the week (Friday or Monday or near holidays) when a lot of people are not paying as close attention as they normally would.
I am bringing up the GLD ETF again because if the GLD is able to trade with a full price bar above the 114 level then in my opinion it warrants a confident move into the bull camp again. However anything below that is still too risky. Gold also has a habit of rallying up to previous swing trading ranges and then falling apart.
So 114 and higher on the GLD tells me it is time to jump in with both feet into either the GLD or the DGP ETF (the gold double long ETF). The condition is that the GLD must continue to hold above 114 from there onward. If the GLD is strong enough it will hold above that area and any pullbacks will be slight enough to keep it from falling under the 114 again.
But I am getting ahead of myself. We are not there yet.
I wonder if the employment report tomorrow will allow the GLD to get an attack going on the 114 level. We shall see.
But GLD at this juncture is very interesting and bears close watching for potential highly bullish action.