RIO still looking good at new highs

In our Flight Path newsletter on Monday, we looked at Rio Tinto as a option for capturing any return from the upside potential of Gold prices. 
We noted that Gold, while still in a “Go” trend, has been consolidating sideways and has experienced an extreme GoNoGo Squeeze. Gold hasn’t moved much this week, but we still see that it is in a renewed Go trend and so the environment is still technically bullish. See comments for Gold chart.
RIO saw nice price action at the beginning of the week that allowed it to consolidate above prior resistance on heavy volume, with the GoNoGo Oscillator breaking significantly above zero. For these reasons, the idea that RIO may move higher with any market volatility that drives the price of Gold higher is still in play.