Gold / GLD and YG charts

I captured these about 30 minutes ago, but I don't think anything significant has changed.

 As far as GDX, gold miners, they have been giving some different signals than GLD recently, I really don't feel good about that and here we have a 30 min negative

And a strong 60 min negative, it's not quite what I'd expect to see, as information develops maybe I'd consider a trade there, but I wouldn't consider GDX (gold miners ) and gold to essentially be the same right now as they have been in the recent past.

 GLD 4 hour, there's not doubt in my mind that Gold is going higher, getting a nice entry at lower levels with less risk would be great for a trend trade in Gold.

 The 60 min chart shows a cycle from accumulation to recent distribution. The distribution is more of a relative negative divergence (the weaker type of divergence), so I'm thinking pullback, but I'm not thinking major distribution event going on here and whoever is selling gold right now, I think they have the same outlook as us, take their profits here and re-enter at lower prices with less risk.

 The GLD 15 min chart nearly perfectly in line until very recently as the market has shown a change in character since Friday or thereabouts.

Remember that gold tends to trade opposite the market, however be careful around Wednesday's F_O_M_C, gold can be very QE sensitive, although it hasn't been since 2011, I'd still keep that in mind with Wednesday's policy announcement at 2 p.m. EDT.

 Intraday it looks like the gap fill was supported by 3C, this looked like the best place to get involved at the time, since things have deteriorated along the lines of our "Put position" thinking.

The 2 min chart clearly shows the gap fill isn't anything more than that so it looks to be a pretty safe quick short/put trade.

And the 5 min chart shows the same. This is also good confirmation for our market expectations.

YG Gold Futures

 This is a strong 1-day 3C chart of Gold futures, that's a huge leading positive divegrence on the strongest chart, but we've been watching a base being built in gold for 6 months or so.

This is the next timeframe that matters, the 15 min which is where the Index futures are going positive, we have Gold that trades opposite those index futures going negative so a GLD  put makes sense for a market bounce.

Note volume falling off in to the gap fill.

The 5 min chart also confirms, it's a better representation of timing, it also confirms the Index futures signals from last night so all in all, I think this is a great position for a market bounce.