GLD Update

Earlier I posted GLD, I said I'd either add to GDX or use that allocation to open a position in gold long (for a quick trade, again I'm not expecting much moire than a day or two, but we try to take what the market gives).

Since I chose to add to GDX, I'll not be opening a GLD position, but I wanted to update it for you. Here's the last update...

You may recall the intraday 1 min chart was going negative and I welcomed that and hoped GLD built a slightly larger base to get a toehold on as well as see the 3C charts improve, you should at least look at the charts from the last update and compare to this update, I like the progress that is being made, although it hasn't reached a 10 min chart, but it has reached to a 5 min chart on the pullback I just mentioned.

 The last time we looked at this 1 min chart there was the red negative suggesting an intraday pullback, I hoped to see this as well as further improvement in the 1 min chart as it hit the lows again.

The 3 min chart has a larger positive on the second bottom of today as well

And the 5 min chart is the most impressive, leading positive at the second bottom.

This is definitely speculative and most positions will be until we get a pullback or that move higher with longs we already have in place.