GLD (Gold ETF), with near term bullish momentum, could push towards 133-137 zone near 13-month flat range resistance

GLD (SPDR Gold Shares) has been consolidating within a 13-month flat range as shown on the monthly chart. The last three weeks, GLD staged a strong comeback from the 119.42 low (Jun 3) to post a 2-month high at 127.23 last Thursday (Jun 19). Near term, as trend and momentum indicators are bullish, there is scope for further upside towards 133.69 (Mar 14 high) ahead of the 137.55 peak (Aug 28 2013, near 13-month range resistance). The converging 200/50 day moving averages near the 123.80 area should provide support on dips. A break below there would caution bulls for a 119.42 retest.