The SPDR Gold Shares ETF tried to mount a rally this week and basically failed. GLD reached its highest level since mid-May before dropping and ending the week lower. GVZ ended the week close to its highest level for the week which may not bode well for GLD. It appears extra volatility is being priced in and as GLD is closer to breaking a support level (130.00) than violating a resistance level (137.00 to 140.00) the likely big move is probably to the downside.
OVX was down on the week losing over 8% as the USO ETF had a strong week rising almost 5%. The move in USO was very orderly gaining nicely from day to day. This sort of non-volatile price change in addition to USO moving up contributed to the drop in OVX. The rest of the OVX futures really followed suit and moved lower in a fairly parallel fashion.