$GLD at Very Important Support Level (Dec 2009 High/2010 Uptrend) - UPDATE

GLD is testing December 2009 floor support, uptrend support in an ascending channel since Feb and a near term ascending triangle using May as ceiling resistance.  It's hard to put it in words.  $119.50 is where the December 2009 high and 2010 uptrend cross, which is an important level to hold.  I added two more charts to show the ascending triangle.  With GLD trading in an ascending channel and ascending triangle it means near term ceiling resistance is magnetizing buyers, but the next breakout/breakdown decision point is imminent.  I'm going to chart out more ETFs tonight, it looks like there's appetite for Treasuries.  As always, protect yourself from breakdown risk.

GLD (SPDR Gold Trust ETF) - FreeStockCharts.com