Careful now, since, as you can see in the accompanying chart, GLD is very close to achieving the highest target that can be projected using the daily chart. It lies at exactly 115.10,  about 2.8% above current levels, and we’ll try to short it if and when the rally gets there.  Long-term bulls are advised to lighten up, since it seems highly unlikely that buyers will be able to power past the resistance on first encounter.