Some of you may be wondering this. One explanation s simple, when the market has been down, Gold has been a safe haven trade, still there wasn't much of anything to show GLD would be up today, here are the charts...
GLD 1 min is even in a negative divergence with the lift this a.m.
GLD 2 min showed no hint of a positive divergence, although I'm kind of surprised given there were hints in most everything else, maybe GLD was just slated to head lower and give up it's Safe Haven status.
The 5 min chart showed confirmation of the move down at best, currently GLD is negative even though it is up.
Here's the recent cycle we played on the upside and when it ended on a 15 min chart, again no hints of a positive divergence.
So what's the answer....
This was posted at 8:30 a.m. today
The story is linked, but there's your answer. This type of move is usually short lived, if Wall Street feels there is more then a day or two of upside in it, they will bring GLD down and accumulate it as this was a surprise announcement that they couldn't have accumulated for in advance. However, I doubt that happens, it will likely be a flash in the pan and GLD will head lower over the next few days.
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