Gold Ready to Blow the Lid Off?

Gold has been trading in a relatively tight range near its all time high. Look to the left of the chart of the gold ETF, GLD, and you will notice gold challenged its high three distinct times, each time it pulled back, and after the third time it turned tail and went into a new correction.

Gold went on to shape a cup shaped base and then attempted to break out. Again, it teased us and pulled back, causing me grief as I purchased the pretend break out. After a dip, it again, for roughly the fifth time, attempted to go higher but could not.

All the while, silver, gold's shiny sister, broke out and cruised higher. See an earlier post I made recently on silver. It broke to new highs and would have been very profitable if you bought it. I am not including silver's chart here so as not to confuse the issue of gold.

Now, after five distinct attempts at surging to new all time highs, gold is bobbing above it's 21 day EMA (the blue trend line). It appears to want to go higher. I'm already in it, but you could wait for confirmation to see if it breaks out for real this time.

We'll see if it joins silver in a run up to new highs.