GLD Update

As you know, there has been some break in the GLD/Market correlation, but largely it is working more then it is not. So a drop in the market as we are expecting for the next leg, would likely send GLD higher as a flight to safety trade. So far GLD is showing some encouraging sings. I plan on closing my Gold Shorts.

 GLD 2 min accumulation

 GLD 5 min accumulation

 GLD 15 min accumulation

 Some 30 min history and some current accumulation.

The 60 min chart is still in line with prices and takes some time to move as well as a lot of accumulation.

Again the question is, "How big is this next leg going to be?" Remember, they accumulate into weakness and flat or range bound markets. I'm not sure I would start adding gold longs here quite yet, unless you can do it in pieces and allow room to accumulate more on weakness.