Gold Long Follow Up

The GLD calls from last Friday also look interesting, however it's difficult to know for what reason, a flight to safety position as they looked like last week or a QE-TAPER OFF position as they looked like last night. I suppose it doesn't matter for the gold position itself, but it would be useful information for the rest of the market.

Here's a chart of the correlation between gold (green) and GDX (red).

 GLD vs GDX daily.

Again the GLD intraday charts are more interesting just for immediate character, it's still the longer term charts that were behind the decision to enter some GLD calls last week. 2 min

5 min GLD

This leading positive at a similar base like area as GDX is interesting.

And again, while it's not of the same quality as GDX, GLD has a 30 min leading positive divergence as well.

Like GDX, I see no reason to abandon GLD long and it may be an add to or new trade in the very near future.