GLD Update

 GLD daly Indecision candle-this opens the door to a reversal as momentum has been fading the last 2 days.

 Here's the 15 min 3C chart, showing accumulation, especially on the 7/1 dip, but the red arrows have been showing distribution and this is why I've been warning that I don't trust this move in GLD.

 The 10 min chart has really gone downhill today, it's been negative, but today it went leading negative (in the red box) which s the worst kind of divergence and this at new highs, it looks like this is under heavy distribution.

 The more detailed 5 min chart shows a positive divergence at the close yesterday, suggesting the gap up we saw this morning, remember though these short term charts are just tactical movements and have little to do with the big picture until they are part of a multi timeframe confirmation.  Note the 5 min is leading negative as of today on the attempt to test today's highs.

The 1 min chart (even more detailed) also confirms yesterday afternoon's positive divergence suggesting a gap up this morning (in the white box and arrow). Note the highs were under distribution around 10:15/10:30 as previous harts showed. We have another leading negative divergence on the 11 a.m. move to test the highs of the day, not a good sign for gold.