GLD Update

 GLD daily chart has seen breakouts above and below this narrow range which all have been head fake moves. From the charts, I believe GLD has greater downside probabilities than upside near term and would rather trade GLD short term using leverage when it is in good position for a short. All of the yellow boxes are head fake moves and the arrows are reversal signals both bullish and bearish.

 The GLD 10 min chart also shows the recent break above the range with a negative divergence sending it lower.

 The 15 min chart also shows the general deterioration as well as the negative divergences at the false breakouts. Note the divergence is getting worse in leading negative.

 The 4 hour chart shows a large positive divergence in 2011 that sent GLD higher, the divergence is now leading negative, it is not as big as the positive was, however it looks like GLD wants to pullback before making any serious attempts at moving higher, this is why I'd prefer to trade it nimbly.

 The 2 min chart shows the most recent breakout as well with the negative divergence, over the last several days a smaller positive divergence has developed with a bullish reversal candle from yesterday sending GLD higher today, this isn't a long I'd like to chase, but rather let it set up as a possible short.

On charts longer than 2 min, GLD is in line.