GLD Update

Yesterday in at least 4 posts, I covered gold/GLD, the Daily Market Wrap in which I made the case that risk asset movement was much different than the flight to safety movement and one of those assets was gold/GLD.

Early in the day, Gold Update I talked about how I wanted one more decent momentum move up and GLD looked ok at about 10:45 a.m.

Then Gold Catching Another Bid around 1:30 which was the start of a much more impressive positive divergence toward the closing hours.

Then there was this GLD update at 3:30 where the positive divergences for today's move  were VERY obvious.

We have double digit gains in GLD right now in the April $150 Calls, I'm just really struggling with whether or not we get more and with momentum, a slow melt-up will most likely lose money.

Here are the charts, you should see what the charts looked like in lat night's Daily Wrap, because those are the kind of charts that scream something bullish is happening in underlying trade.

 GLD hourly looks pretty good, but this is more for a long GLD equity position, not so much an option position unless you wanted to exercise them.

 The 15 min chart is also looking good, but kind of the same story.

 Here on the 5 min chart we can see yesterday's leading positive movement.

 So far today this is the 1 min intraday, it started building positive and has since made another run higher.

 I'm not sure how much weight to put on this 2 min chart yet, I'll see how it develops.

 The 3 min showing very positive yesterday and in line today so far.

Again the 5 min is in line so far so that's pretty good, but it's not just in line or positive trade, it's momentum where the money is to be made.

 Gold Futures / YG I think the 1 min chart hasn't caught up, I'm not sure but watching it

 The 5 min chart is insanely positive

As is the 15 min, but after that it looks like GLD is likely to consolidate a bit.

If you are in the GLD options trade (this is different than being long GLD equity), pay attention as I may look to close that position at the first sign of a consolidation or serious loss of momentum.