GLD Update

Remember yesterday I talked about GLD/gold being a safe haven trade and the accumulation seen in the afternoon which was part of the larger market analysis?

Here was the first post

And the Follow Up  "What a difference 20 minutes makes...."


Here are the GLD charts this a.m.

The 1 min chart seems a little off, but we'll see if it leads to anything short term.

 This may reflect some retail trade being the market was up, it's hard to say.

 The 2 min chart though looks like it means business with leading positive divergences. Notice yesterday's accumulation.

 The same with the 5 min, which also shows yesterday's late day accumulation.

And finally the 15 min chart which I see as being in line with the market and a market drop.

The longer term charts on GLD are still shaky and if what I think is going to happen in the next several weeks plays out, that would explain why those charts look the way they do, however they still have time to move.