GLD is up today, despite a stronger dollar, even though the correlation has weakened and GLD is now more of a flight to safety trade.
GLD 1 min bouncing along the 150 day moving average as I suspected and hoped to see some consolidation along the average. Today's move up has a negative divergence, suggesting it'll likely mov down in the continued consolidation chop.
The 2 mn chart shows the same
As does the 5 min chart including the depth chart.
The 10 min also is negative, these all look like the short term moves.
The 15 min is leading positive, reflecting the longer term view, but also relative negative today
The 30 min and the depth chart seem to show the longer term prospects for GLD which look good, despite short term choppiness.
The hourly chart is in agreement.
I think this not only says something about GLD, short and intermediate term, but the market as well, being a flight to safety trade.
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