GLD Update

 This is the 150 day long term moving average where I have long considered GLD a buy, however just looking at the chart above, it seems that GLD hits the moving average and you buy, as simple as that. the area in the red square is about 8 days of GLD touching, bouncing off and tagging the average again. In other words, it almost builds a small base at the moving average. This is why I have said that I would prefer that GLD consolidates along the 150 day moving average, especially in light of the distribution and very sharp downtrend that preceded the move to the average.

 Here we see the current hart, we have about 3 days in the area of the 150 day average and today it is moving back toward the moving average, while no one likes a long play that is declining, I think it is a healthy move and a little bit of a trial by fire to make sure that it will hold this long term buy area. You might want to consider even building a position every time it touches the 150 m.a. you add a little more to the position.

 Today's pullback on the 1 min chart actually looks pretty healthy.

 As does the 10 min

 The 15 min looks good as well

And the hourly is stable, which is positive after such a nasty sell-off. So this looks to be a good opportunity in GLD, but give it some time to consolidate as it has many times in the past when it has touched the long term average.