GLD Follow Up

I decided to close 1/2 the August $160's, I may go ahead and replace that half on any intraday strength with some July expiration as the August are just not moving as I'd like.

 I closed half of this position at a nearly 37% gain since about 3:30 yesterday.

 Here's the 5 min chart, visually to me it looks like it's losing momentum.

 I added a Rate of Change (ROC) to price and sure enough it is losing downside momentum. By the way, applying ROC to some of your favorite standard TA indicators may reveal some surprising advantages over using the indicator itself.


 GLD 3 min is not what I would call accumulation (the arrow should be white), but it does look like a little warning for the intraday movement that I'm concerned with presently.

 GLD 5 min is in line with price after a negative divergence, which is where I would have rather taken the position, but I decided to wait for the F_O_M_C event risk to play out.

The 60 min chart showing the last long trade which did very well for members and this most recent short.

I'm thinking that the area of support at the $148.40-ish level will ultimately be breached, that would also be a move below the descending bearish triangle. This is where I would look for accumulation in GLD if we are to find it as that move would be breaking below two major technical levels and the shorts would pile in creating a bunch of shares available to be picked up on the cheap.