GLD Update

Over 2 weeks ago when GLD first touched its long term 150 day moving average, I warned that because of the way it got there (dropping fast) and from looking at past experiences at that level, which historically have been excellent buying spots, that I would prefer to see GLD consolidate along the moving average and make sure it holds the average for several weeks, thus far that is what has happened.

 GLD 10 min negative divergence yesterday (it was in line the day before) seems to have sent GLD lower today.

 The 15 min negative divergence also seems to suggest more consolidation ahead.

 As does the 30 min chart.

 The 60 min chart looks pretty much like I would expect a 2+ week consolidation to look, it's more or less very close to inline. I'm not going to speculate on intraday movements as I don't see them as important with GLD right now.

Here's the long term 150 day m.a. and as you can see GLD is a bit extended from it. Given the charts above and where GLD is on the chart above, a move toward the 150 day moving average seems to be the highest probability in my opinion. The fact that the 60 min hart has not broken down, thus far is a positive development for the consolidation.