Peter Brandt had another nice gold and silver update today. I tend to agree with his analysis, that we are at a critical technical juncture with gold. The weekly chart for GLD (SPDR Gold Trust ETF) looks almost identical to last week’s chart; in other words, nothing much has changed:
A potential head and shoulders pattern is setting up, which could mean we challenge the highs from 2011. However, we could just as easily see a big move to $135 – $140 if the $156-$157 level does not hold.