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6 months GLD has been coiling sideways near weekly highs.

Notice how the 50% levels line up from 2 sets of peaks/troughs.

The spike down through the lower line last thursday was a good violent move if you look at the intra-day. It could have scared the weak hands enough to send this to new highs.

The way GLD has consolidated near highs on the weekly chart seems bullish. However I think there could be made a case for an "adam and eve" style top looking at the weekly.

Any opinions?