Quick GLD / Gold Update

Last week we were still looking for additional downside in GLD after it made a sharp move Thursday and has essentially filled the gap since.

However the signal there is plenty strong for additional downside, at which point gold/GLD may very well make for a very nice long trade, perhaps even more than just a trade, seeing how GLD acts on a pullback is the most important thing right now other than any pullback trades that may be in place.

 Without going in to too much depth as you can find plenty of background information on numerous GLD updates such as the last one from Thursday, GLD on Track, (just see the first chart for the larger GLD view) this 5 min chart has been showing nothing but negative signals in to any price strength which thus far has really only amounted to a gap fill after Thursday's nasty decline.

 15 min Gold futures (YG) , again the same theme of negative signals in to ANY price strength.

And the 1 min intraday chart looks like Gold is getting ready to make a move lower shortly.

USO update also on the way...