Gold Signals

Futures are going wild, especially considering the way Gold Futures opened last night and the nearly morning ritual of a smack down.

First the recent Market/Gold correlation, it is inverse so these signals make sense (positive gold, negative market).

 SPY daily in green, GLD in red, note the inverse relationship, this is not the norm under a QE regime.

 The 60 min chart is more specific.

Gold futures 4 hours, when we first entered I thought there would either be a shallow pullback that was almost done or a deeper one, but the deeper one would allow for a stronger base and stronger uptrend in gold, you can see the deeper move was made with a head fake stop run just below the yellow trend line.

This is the 60 min chart, strong and impressive, but today's specific moves are more so.

 Look at how fast this 30 min gold futs. chart moves (3c).

And the 15 min chart.

As for GLD

 The 60 min chart is very easy to follow from negative and price movement to positive and expected price movement, pay attention to the difference in size of the two divergences.

The 15 min chart with a VERY sharp 1-day move up