Quick Update on GLD

While I still have issues with charts like silver, I wanted to at least point out that a break out over 180 will make 177 support, and I will have to simply adopt an immediate bullish count pointing us to 220-230, as long as 177 is maintained as support from that point on.  Of course, we will continue to move up support should price continue to rise.

But, there are still issues of concern, at least right now, in charts like silver.  So, going to give this just a bit more room before I reduce my caution on the GLD chart.  The manner in which this rally began has certainly clouded this potential.  Let's see if it does follow through over the pivot and then hold the pivot as support.  But, through the pivot, a long perspective must be retained, with support at 177.

Avi Gilburt is founder of ElliottWaveTrader.net.