GLD, SLV & GDX Update

Of the 3 positions, GLD I almost took short yesterday, probably should have and NUGT (3x long GDX) is an open long that is taking more off what was a nice +30% gain.

Here's what we have so far and if you have an alert system, I'd suggest setting alerts for the top of today's gap as you're likely to find a trade set up in the area.

 This is the GLD chart from downside confirmation to accumulation at a bearish descending triangle with a head fake move below that lifted it higher and yesterday a negative 5 min signal that I was on the fence over whether to open a GLD short.

 A closer look, you may recall the accumulation zone was at the bearish descending triangle, so while price was telling traders "bearish", underlying trade was saying a move below support will almost certainly be a head fake move that is accumulated. The closest target would be from a measured move and give us a target of $130, however the head fake is like an igniter or spark like I was showing in last night's video, of course the F_O_M_C was responsible for a lot of that and I questioned the $11 gain in gold 3 minutes before the policy statement, however that move would have been a short stop out as it crossed the apex, therefore it is reasonable that the head fake move did what it was suppose to do, just 3 mins before the F_O_M_C or this entire move could have been set up because someone knew what the F_O_M_C would do, but without the head fake, there wouldn't have been as much upside momentum.

 So far the move down in GLD is confirmed by intraday charts, no accumulation, just confirmation.

SLV didn't look quite as ready yesterday, but it's down too, these are two QE assets so given conventional wisdom at the time of the statement, the move up may have messed up the options pin, thus the need to rebalance to the downside where the contracts' strikes are.

 SLV's early downside is also confirmed, no accumulation, but if there is (the market doesn't leave many gaps open), I'd set an alert for the top of the gap, that will likely be a nice short sale entry if we get a gap fill which is probable.

 NUGT has been held because of the 15 min chart suggesting at least 1 more upside run, I suspect it's following the tight gold correlation.

There is a 2 min positive thus far in GDX/NUGT so that's good news for any NUGT longs, suggesting the downside is being accumulated at a discount for a move higher.

I wouldn't enter a new position on a 2 min chart only, but if it keeps migrating, it may make for a quick long.