GLD Update

 GLD at the long term average or mean, this has historically been an excellent buying point over the last several years, but as I said last night, I think it needs to consolidate along the moving average and prove it can hold it, especially after the way it came down off the highs. Furthermore, it would be nice to see volatility die down to reduce the risk of another COMEX margin hike.

 30 min depth chart shows this as an accumulation zone, not incredibly strong, but the best we have seen since June.

 15 min chart

The short term charts remain choppy and I think that is what we will see for another week or so, some brief rallies followed by retracements. Holding that average will be important for buyers.