GLD Update

In Tuesday's GLD post as mentioned yesterday as well   I pointed out, "Now we have another possible breakout of the range and again volume is low. To entice longs to buy this breakout, it will have to make a new high and surpass the former breakout to remove any lingering doubts."


The above sets up a possible head fake move in GLD as resistance was well defined.


Earlier today I updated GLD and showed 3 charts in which 3C was not confirming GLD's move, at the end of the post I said, 


"If the distribution continues to build, the chances of the head fake move we discussed go up significantly. Right now, it looks like it is leaning that way."

 Just as GLD broke out yesterday to make that new high I mentioned above on no news, apparently gold spot dropped $10 in 10 minutes which you can see above on the GLD chart.


In trying to ascertain whether we have a potential trade here (either way), I said that GLD needed to post strong follow through after yesterday's move, today's daily candle is not looking like that strong follow through and the percentage move is nearly flat at +.05%.


You saw the shorter timeframe charts earlier, this 15 min chart made a pretty large leading negative move before gold ever moved down.

That's the leading 15 min move before GLD moved down.


The trade potential here keeps getting more interesting...