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With $GLD pushing up against 379.485 today, the daily range has been quite compressed around the 377-379 area. I'm wondering if a straddle or strangle could be setting up for a potential break, given the recent tight consolidation after the earlier run-up. My main concern would be if it just chops sideways for another week, bleeding theta without a decisive move.
The latest CPI print didn't exactly scream 'transitory' and watching the bond market's reaction, it’s clear the Fed is still in a tough spot. I'm keeping a very close eye on $GLD and $SLV, not necessarily for a breakout run, but more as a hedge against continued inflation stickiness. If the market starts pricing in higher rates for longer, then any significant re-pricing in commodities could create some interesting plays, especially given how equities like $COMP are still managing to hold up relatively well around 11,485.