Earlier in the week I had written about silver looking like it was positioned bullishly and now I've noticed that gold is positioned even better! The bullish descending triangle in gold (GLD) had previously eluded me but now a narrative is beginning to emerge. I have now highlighted gold entering a possible transitional channel within the blue lines. One top was in May of this year and the other October. What is currently happening (I believe) is the other low making this channel up. I am not sure where GLD will go from there, but in the short-term at least GLD is a strong long/buy. There is a gap to fill starting at $104.50 so possible upside limit would begin in that region. I have highlighted a similar bullish descending triangle in SLV as well that I had neglected to point out in my previous post. Divergences are also prominent in the MACD(12,26,9) and RSI(5 and 14) charts.