DGLD Update

The charts shown yesterday for GLD, Trade Idea (speculative) GLD / DGLD really don't look that bad, as you may recall, I expected a sharp, fast decline this morning and used DGLD (3x short gold ETF) to ride that out. I expected essentially to be closing DGLD some time probably today and looking in to a possible UGLD (3x long GLD) position, likely in bigger size as well, but as for right now, I don't see any reason as of yet to close DGLD other than the wild card event of the minutes at 2 p.m., but even if I had to a +3% gain for a hour or two of exposure isn't anything to cry over.

 GLD's divergence was fast forming and sharp, but contained to the shorter intraday timeframes, thus I'm not expecting a big move which is why I chose the 3x leverage of DGLD (3x short GLD).

I suspect this divergence though, should provide more downside.

Thus far intraday gold futures are in line with the move down, so again, right now I don't see any reason to close the position other than the wild card event of the minutes which I feel a bit less certain about how it will effect precious metals than equities given any particular outcome (hawkish or dovish).

For now I'll stay with the charts.