GLD /UGL (long)

Last night I covered Gold and showed there are some indications of GLD starting to take on a more bullish tone, the thing missing is the intraday or near term set up.

 I thought for a while that one of these head fake breakouts was going to lead Gold/GLD lower, the last one did. I also thought there were some longer term charts shaping up, but GLD would likely hit the $150 area before they really shaped up enough to take a long trade.

 As I posted last night, some GLD timeframes are looking pretty good like this 15 min

 This 5 min was the closest I could find to a near term positive divergence but this is more like a broad sword than a scalpel.

 The 10 min chart looks good here, so a lot of the near term timeframes are shaping up, but I'm missing the short term signal to go long.

 The 5 min Gold futures looks pretty good, but not the shorter 1 min

The 30 min futures look good as well.

I think I may have found at least a short term trade long Gold when I found some short term negative divergences in GLL (Ultrashort Gold)

 1 min

 2 min

 3 min

5 min.

Based on this and the longer term GLD charts shaping up, I'm going to start a long GLD position in UGL (speculative size for now) and see how it does.  GLL is the opposite of UGL so short term negative divergences there may just be the positive short term timing divergences I've been looking for in GLD.