Usually the daily cycle runs about 20 -25 days. At this point it is probably too late to chase the move.
There are also a couple of gaps on the GLD chart that need to be filled. The first one is filling today. I expect both will get filled at some point during the coming cycle correction.
If you already have a position then just hang on. If you still need to add I would advise waiting till we see the dip down into the cycle low.
Whatever you do don't short. Remember in bull markets the surprises come on the upside. I think the recent 3 week move has demonstrated that, probably painfully so to anyone who fell victim to the technical chart pattern and shorted the break of the May pivot.
