Tuesday, June 21, 2011

GLD Update

I have not felt a lot of confidence in the move in gold and expressed that Friday. Here' why

 GLD 1 min Negative divergence

 GLD 5 min negative divergence

GLD 15 min negative divergence.

Many times when a divergence reaches the 15 min chart, the equity is ready for a reversal, in this case, it would be downside. Gold and Silver have had a lot going on from a fundamental standpoint and I just don't see a high probability set up right now that I trust.

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