Gold is range bound and the result is continued pressure on gold volatility. The SPDR Gold Trust ETF (GLD – 128.97) appears to be stuck in the high 120’s with new resistance solidifying itself at 130.00. Last week, despite valiant efforts the 130.00 level did not get breeched. However, what I found interesting was despite a narrow range GVZ moved higher by 0.30. The curve is flat which can be taken as the market being pretty indecisive of what is going to happen next. If GVZ continues to have a tough time getting over resistance I would keep an eye on GVZ. A continued move higher in GVZ combined with GLD not breaking above resistance could be an early indication that lower prices are to come. In the oil space USO dropped as the world appears headed toward peace. Or at least short term peace. OVX rose, but all futures were lower for a distinct flattening of the curve.