Gold (GLD) Follow Up

I mentioned Gold last night as well as last week's call position and my opinion, even though I suspect a short term trade here, that even a 2 or 3 times leveraged long Gold ETF would work.

Here are the charts for GLD as well as some futures, it looks to me the move is close and this should give some perspective as well.

 This is a 10 min chart of GLD going negative and then price down from a big gap up and recently showing a nice positive divergence, this is about where the bulk of the strength is which makes it more of a counter trend move, but likely still worthwhile.

 At the 15 min chart we see the distribution at the gap and prices slide, but the positive divergence is barely registering there, maybe it grows a bit stronger here, but I think the 10 min chart suggesting a move of a counter trend nature is most probable, yet still large enough to make it worthwhile with some leverage.

 As shown last night in Gold Futures, the longer term charts like this 60 min GLD show the primary trend right now for Gold is to continue down and possibly form a base, this is why I don't see GLD as an outright buy, but rather a shorter trade..

This also shows the 4 stages of a trend cycle (accumulation, mark-up, distribution and starting decline).

The 1 min gold futures that has been running all night unlike the GLD data just coming in, looks like gold is pretty close to making a move so I thought I'd get this out. I liked the GLD Aug 17th $126 calls for this position.