Gold Update

GLD could get interesting. As expected, GLD broke below the triangle top we have been watching and is now at the last line of defense at the 150 day moving average. A break below that average "should" see heavy volume, but there's still the "kiss the top goodbye" bounce GLD may see and a gap that could be filled.

In any case, it is moving closer to a trade, but I don't like entering these trades until the chop/volatility-fest is over with.

 Here's the daily chart, the break below the triangle and the gap in yellow as well as the 150 day m.a.


 Short term 3C has been in line with the downside trade.

 The 15 min chart shows a possible positive divergence forming, which may be part of the volatility seen after a major top breaks as the market tries to shake every tree it can.

The longer term hourly chart shows GLD rolling over from a bull to a bear trend, but again, there is what looks like a positive divergence forming recently, it may be that 3C just hasn't causght up with the quick move down or some typical indicator confusion in a lateral trending stock. We'll see either way, but GLD is a lot loser now then ever before to a probable trade, I would just be patient for a bit longer as to not get stuck in needless volatility.