Gold Technical Flow

GLD/gold is up this morning on Technical flows, this simply means technical traders are buying because yesterday GLD closed above its 100-day moving average, this was something I mentioned yesterday re: Gold/Silver and I believe miners, that the range was getting to be too obvious and would make for an obvious target with stops and limits just above the range.

 GLD daily and a 100 bar simple moving average.

 In last night's daily wrap I mentioned this close above and it being a technical trigger, but also a possible head fake, this is how reliable or predictable technical traders are, GLD closes above an otherwise arbitrary average that only has importance because traders place importance on it, that's exactly the kind of thing Wall St. expects and uses to their advantage, so it will be interesting as the day develops to see if this is sold/shorted in to by smart money taking advantage of the demand at higher prices.

This is pure technical flows

And this is the 5 day resistance range I mentioned yesterday that was becoming a bigger and bigger target because Wall St. knows where the stops are and limits, not only is it predictable as I was thinking about it yesterday because of T.A., but Wall St. has the full open book of all orders and knows where the stops and limits are.

I'll keep an eye on GLD, if we get lucky this will provide a put entry at a good price with low risk, but I need to see distribution in to the technical flows first. It's still very early so we'll see what we get, but I would be very interested in a put up here if the charts support it.