The lessons of a dull day were everywhere to be found: dueling impulse legs, tick-chart trades and microtrend analysis that said little or nothing. Still, these conditions represent the occasional condition of the real world, and so it can be instructive to ponder charts that yield almost no useful information, even when viewed with a magnifying class. What we did find was that the GLD charts provides a useful proxy for gold futures that cuts through the confusion. We settled on an upper and lower threshold that should put all anxieties over bullion’s next move to rest.
