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