Bullish Consolidation for Gold

All of the action in the SPDR Gold Shares (GLD) off of last Friday's high at 169 has taken the form of very high level bullish congestion area that has supported weakness just above 167.00.

As long as 167.00 contains any forthcoming, sustained weakness, all roads continue to point to a thrust to the 172 area next.

In the event that the GLD breaks hard under 167.00, my work points to 164.00-163.60 initially, in what could prove to be a nasty near-term air pocket in the precious metals.