Even "flight to safety" investments can be quite volatile, but with volatility comes trading opportunities. Here's the latest weekly charts and key trading levels.  

The yield on the 30-year U.S. bond set an all-time intraday low of 2.089% on July 11, then rose to 2.360% on July 21. Demand returned after the Federal Reserve did not raise rates on July 27 and this yield ended July at 2.182%. My annual pivot remains 2.265% and a quarterly pivot of 2.150% and monthly risky level of 2.127%. Investors can trade the U.S. Treasury 30-year bond like a stock using the 20+ Year Treasury Bond ETF (TLT - Get Report) , which is an exchange-traded fund backed by a basket of U.S. Treasury bonds with maturities of 20 to 30 years.

Comex gold futures traded to a multiyear high of $1,377.5 on July 6 and my upside target for 2016 remains $1,639.9. A set-back to a low of $1,310.7 on July 21 was followed by a rebound to $1,362.0 as July came to an end. Investors can trade gold like a stock using the SPDR Gold Shares ETF (GLD - Get Report) , which is backed by gold bullion.

The Dow utility average traded to an all-time high of 723.83 on July 6 on strong momentum from investors seeking dividend income. The downside to 699.03 on July 27 was followed by a rebound to $713.75 as July ended. Investors seeking the safety of dividends can trade the Utilities Select Sector SPDR Fund (XLU - Get Report) , which is a basket of 29 utility stocks.

Investors betting that junk bond yields will tighten against U.S. Treasuries should consider the SPDR Barclays High Yield Bond ETF (JNK - Get Report) . Keep in mind that the performance of junk bonds correlates to the stock market, not to the bond market. When stock rise junk bond yields will compress towards treasuries.

The S&P 500 SPDR ETF (SPY - Get Report) continued to play catch up to the "flight to safety" investments and now has a year-to-date gain of 6.55%. The U.S. Treasury bond ETF, the gold ETF and the utility stocks ETF have year-to-date gains of 17.4%, 27.1% and 20.4% year to date versus 15.1%, 24.5% and 21.9%, respectively, from a week ago. "Flight to safety" investment strategies continue to outperform "risk on" equity investment strategies.

Here's the weekly chart for the bond ETF.

Courtesy of MetaStock Xenith

The bond ETF has a positive but overbought weekly chart with the ETF above its key weekly moving average of $138.06 and well above its 200-week simple moving average of $119.25. The weekly momentum reading ended last week at 80.97 slipping from 84.14 on July 22, with both readings above the overbought threshold of 80.00.

Investors looking to buy the bond ETF should continue to do so on weakness to $132.45, which is a key level on technical charts until the end of 2016. The $140.45 key level should be a magnet through September. Investors looking to reduce holdings should consider doing so on strength to $145.61, which is a key level on technical charts until the end of this week.

Here's the weekly chart for the gold ETF.

Courtesy of MetaStock Xenith

The gold ETF has a positive but overbought weekly chart with the ETF above its key weekly moving average of $125.95 and above its 200-week simple moving average of $125.20. The weekly momentum reading slipped to 80.75 last week up from 82.91 on July 15, with both readings above the overbought threshold of 80.00.

Investors looking to buy the gold EFT should do so on weakness to $101.90, which is a key level on technical charts until the end of September. Investors looking to reduce holdings should consider doing so on strength to $135.38, which is a key level on technical charts until the end of this week.

Here's the weekly chart for the utilities ETF.

Courtesy of MetaStock Xenith

The weekly chart for the Utilities Select Sector SPDR Fund (XLU - Get Report) remains positive but overbought with the ETF above its key weekly moving average of $51.48 and well above its 200-week simple moving average of $42.21. The weekly momentum reading ended last week at 89.27 slipping from 90.14 on July 22, with both well above the overbought threshold of 80.00.

Investors looking to buy the utilities ETF should do so on weakness to $50.05 and $48.26, which are key levels on technical charts until the end of 2016 and the end of September, respectively. Investors looking to reduce holdings should consider selling strength to $54.36, which is a key level on technical charts until the end of this week.

Here's the weekly chart for the junk bond ETF.

Courtesy of MetaStock Xenith

The weekly chart for the junk bond ETF is positive but overbought with the ETF above its key weekly moving average of $35.71 and is well below its 200-week simple moving average of $38.89. The weekly momentum reading ended last week at 87.40 up slightly from 86.89 set on July 22 becoming more overbought above the threshold of 80.00.

Investors looking to buy the junk bond EFT should do so on weakness to $31.97 which is a key level on technical charts until the end of September. Investors looking to reduce holdings should do so on strength to $37.17 which is a key level on technical charts until the end of 2016.

This article is commentary by an independent contributor. At the time of publication, the author held no positions in the stocks mentioned.