GLD Update

From yesterday's GLD update

 "3C showing distribution in to that big move up and a recent negative divergence as well. To me, it looks like GLD is coming down."

 GLD 5 min chart sees GLD gap down over 1% this morning.

 The daily chart of GLD today

 This is the very negative looking 60 min chart, remember we had a very positive signal on May 30th which sent GLD higher, that move was sold in to and 3C has been leading negative since, this is why I said I thought GLD was coming down near term, however the daily chart has a positive divergence which is strange and we discussed some possibilities yesterday as to what this may mean.

 The 1 min chart this a.m. looks to be in line, but...

 The 2 min chart looks much more positive. Is it possible they are moving GLD down to buy at lower prices? We'll have to see if the divergences really show a strong signal, but we don't have much time before the policy statement.

Interestingly, as I suspected as well in the GDX update, miners have also dropped nearly 1.75% this a.m. as expected, however they are seeing some stronger intraday positive divergences on the 1 and 3 min charts.


I'll be keeping a close eye on GLD, the daily positive divergence is a most interesting feature.