GLD Update

 It's been very hard to figure out if golds correlation has been a safe haven trade or a weak dollar trade This is GLD in green vs the Euro in red. When the Euro goes up, the dollar goes down and stocks should rise, when the Euro goes down, the dollar goes up and stocks should fall and when Gold rallies when stocks fall, that is the safe haven trade. The older correlation is a weak dollar means rising gold prices, in which stocks also rally, but gold has switched back and forth over the last few months. Yesterday a strong Euro did nothing for the gold weak dollar trade. Today is more confusing as the Euro isn't down much, stocks are diverging from the correlation as I showed you, but all in all, gold seems to be a safe haven trade today. It's all very confusing, no doubt, but to understand where gold is likely to go, a correlation that is dependable would be good.

 Heres the daily chart with GLD's fall which was steep and abrupt, it hit the long term 150 day moving average which historically over the last few years has been a flawless entry point. Back when it fell, I said that GLD had fallen so hard, it really needed to consolidate along the moving average and build up some strength. Today it "seems" to be emerging from that consolidation at nearly a 3% gain.

 The 1 min chart is NOT in line with price, this is a little disturbing.

 The 2 min hart was in line with price, but has since gone negative.

 The 5 min chart is perfectly in line.

 The red area is when I said GLD had moved too far from the moving average and needed to pullback which it did. There was a positive divergence on the pullback and GLD is in line on the 15 min.

The 60 min chart has a good start. If I were long here, I would try to keep an eye on the short term charts and make sure they don't go negative in to the longer term harts and for now trail a stop.

The short term harts could be showing some profit taking and there may be some fear that the volatility today may trigger a COMEX margin hike. However, it would seem very early for something like that, but it seems COMEX is controlled by higher powers and their hikes don't always correlate with increased volatility. I'm cautiously optimistic on GLD.