GLD Update

Lets just get in to the charts...

 As long as GLD keeps this general "smile" I'm happy, it should start to see upside momentum as we are or should be on the right side of the middle of the pattern, I fully expect volatility like we saw this morning or in the yellow box, price patterns are never like the textbook. There were quite a few stops hit on the open (red arrow), but the bounce back was encouraging, I wouldn't trust it as much without the rest of the charts below.

 YG/gold Futures with a big leading positive divergence at the drop.


 The intraday chart shows a relative negative divergence at this morning's highs, but this is an intraday chart and a less powerful relative divergence so I'm ok  with that, I know there's going to be some noise.

 The 5 min chart of GLD, like YG also had a large leading positive divergence on the gap down open.

Most encouraging is the longer term 15 min leading positive which has picked up momentum right around the area to the right of the middle of the price pattern.