GLD Update

While at the moment I remain bearish for now on GLD and question longer term whether a top is building in gold (I have some very unusual ways to judge bubbles which have been successful), this is not the place I would be adding or establishing new shorts on GLD. Here's why...

 GLD is at a support level, you can see at the red arrows this level acted as resistance, once resistance is broken as you can see at the two vertical white arrows and on heavy volume, it becomes support. We have seen 3 days of support at this level which could lead to a bounce or just lateral consolidation, but I don't want to have dead money in the market for any reason and until support is broken, it's dead money at risk.

 Short term there are some relative positive divergences, not very strong, but enough to maintain support for now.

 The 15 min chart is much more bearish and more important to the trend, it shows in white exactly where accumulation occurred, in red where distribution happened and the red box is a leading negative divergence, the worst kind, so the trend remains bearish, it's just the tactical entry that I am concerned with in this post.

Very short term-the last 2 trading days, 3C shows us distribution taking GLD lower and a near perfect signal of accumulation on today's opening lows. There is some distribution in to the early rally, but once again, until support in GLD at $163.00 is broken, my thought is that you have money in a trade that for the time being, isn't doing anything. I DON'T WANT MONEY IN THE MARKET AT RISK UNLESS IT IS DOING SOMETHING OR HAS A HIGH PROBABILITY OF DOING SOMETHING. Our greatest edge over Wall Street is we don't have to always be active in the market (although longer term established GLD shorts I would hold), we can pick and choose out battles and wait for the highest probability entry. I don't believe this is the highest probability as of right now, but soon I imagine.