GLD Follow Up

I think most of you who were interested in the GLD post Friday or posts GLD Options / The Case for GLD probably already contacted me as I had a LOT of emails about GLD over the weekend and Friday.

I just want to post a quick follow up, I still like GLD and gave it some time with a March expiration, but my recent gut feel (last couple of months) about Gold has been more of a hit and run and that's why I preferred some leverage, but with the F_O_M_C minutes coming, who knows what will happens so there's still the option of some time there as well.

Here are the updated charts for GLD, nothing really surprising.

 In the second post Friday I pretty much covered the longer term pretty well so I'm not going to be redundant here, but Friday's candle was a positive sign for GLD near term and GLD's position puts it in a place that could very well lead to more than just a near term move.

 Today the action has ben very much in keeping with the flat range we often see accumulation or distribution take place.

 The 14th looks to me like a very specific, planned move in GLD, either to knock it down or someone was front running and had information about the immediate future. Today's leading positive divergence looks good on this short term chart.

 At 5 min it looks good as well. It wasn't just the GLD charts though if you look back to Friday's post, it was the futures.

The Mini sized gold futures at 30 min have a fairly substantial leading positive position. I often thin the ETFs like GLD are taking their cues from action in the futures.