Tuesday, February 28, 2012

GLD Update

I have doubts about GLD holding today's move or this being something technically (bullish) significant, I have some doubts about SLV too, but GLD more so.

 GLD has had all day to confirm with a 3C higher high, no such move

 The 2 min chart looks like this move has been sold/distributed all day

The same can be seen on the 1 min chart, especially in to the afternoon bear flag-like move. To the left you can see the accumulation sending GLD higher, it wasn't that big and on a 1 min chart.

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