Wednesday, March 28, 2012

GLD Update

 This is the GLD 5 min chart looking like it is seeing some accumulation as it pulled back.

 Here's the 10-day moving average, typical support for a first leg up pullback.

 Here's a gap area that I thought might provide some support, it looks like it is.

 And here's the 15 min chart showing the pullback and a positive divergence building here, suggesting a bounce off this area which is about in line with my original trade expectations.

The hourly chart's positive divergence is what got this trade started, from the amount of accumulation here, I suspected it would produce enough upside for a swing trade.

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