GLD Update

I mentioned the volatility squeeze in gold yesterday, but also warned to beware the first move out of that consolidaition. 3C  1 min has been negative on GLD all morning, as of now, GLD has retraced 50% of today's move up.

I don't think longer term conclusions can be made at this point, but this is a 50% retrace of today's move in GLD. Whichever way the market ultimately takes gold, they are still going to play the game. We should have better visibility within the next trading day or two as the 3C charts catch up to the changes from yesterday's margin reduction and today's "Safe-Conflict Free Gold" provision.