GLD Ascending Triangle inside Symmetrical Triangle

GLD was able to slightly push above the long term Symmetrical Triangle however, indicators are short term overbought. A minor pullback possibly to the up sloping line of the newly drawn Ascending Triangle labeled A,C. We will use a breakout above this pattern as our long signal with further confirmation from our supporting indicators and volume.

Comment:

The break above both the dominant symmetrical triangle as well as the secondary ascending triangle is a positive for GLD. However, the recent run up may have reached a reflection point in a previous area of congestion. A pullback would be healthy, particularly if GLD were to test its breakout point and hold.
For those of you who entered a long position and are well versed in options strategies, this may be a good time to explore selling short term calls against your postion.

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Comment:

Would like for pullback to test $122.83 and hold before adding to long position.