Tuesday, March 5, 2013

GLD Add-To or New Position

If you like the GLD trade idea, whether it be the April $150 calls or just GLD long, this looks to be a good place to either start a new position or add to an existing one.

 Yesterday I pointed out the rounding base and said it was most likely at least more than half way done, the larger the base, the larger the move it can support and we've had some strong positive divergences in long timeframes that seem to suggest a significant move up in gold.

 The 2 min chart's trend

 2 min chart intraday looks good here for initiating a trade or adding to an existing one.

 The 3 min chart also looks good here intraday

There are other charts that look good as well, however this is a long term 60 min chart that is positive right where the rounding base area is.




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