While there is room for GLD to pull back in the coming week, it would seem that this is what most of the market is looking for. And, when the bulls and the bears are aligned for the exact same action, the market often disappoints the great majority. So, while the primary expectation would be that the GLD should pullback, and hold over the 109.50-112 support region, I am going to be on high alert for a break out which can potentially propel us much higher than the majority currently expect, which will likely cause the next "great chase" as some serious FOMO kicks in, along with major short covering. As far as the projection for GLD is concerned, it seems that both the bulls and the bears are expecting a pullback in the price.

In the bigger perspective, I will be much more comfortable with the longer-term potential once GLD reaches the 125-130 region for wave 1 of wave iii, as that would be a major bullish indication for the complex for the remainder or 2017. Until then, I am going to put much more emphasis in the silver and GDX charts for their more clear clues about the complex.