Tuesday, June 11, 2013

Continue to like GLD Long For Short Term Position

This is a shorter term position in my view so I think it needs some leverage. SLV looks close, but I like GLD better. SLV is showing signs of an intraday pullback as well as Gold futures on an intraday 1 min chart,  so I'd think GLD likely will as well.

Here are the charts for GLD.

 GLD 2 min seeing some strong recent 3C momentum this afternoon.

The 5 min chart looking very strong for a short term move, I'd think you'd need options or at least a leveraged long ETF.

gold futures 1 min looking like a pullback.

I have a GLD weekly call, I would add to it if the 1 min chart were in better shape for now I'm going to sit tight.

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