GLD has been an active short for what seems like ages and i haven’t posted any updates in a while since it really hasn’t moved around much. here’s the updated 2-day chart (first one) with some the previous charts as well. notice how the 80 ema i added to this one has done an excellent job of acting as support since the primary uptrend channel began back in early 2009. GLD is currently testing that moving average from below, which could act as resistance now. regardless, GLD also has several horizontal resistance areas overhead. my preference (and personal position) continues to be a short on GDX (i used the 3x NUGT to take advantage of the decay) but GLD is a lot less volatile and one could objectively add to or enter a GLD (or DGP) short here with stops not far above the 166 level.
on a related note, that 4 hour head & shoulders pattern on the EUR/USD currency pair continues to be in play, although not yet triggered. as mentioned in the last update, it is very common for a security to bounce off the neckline after completing the right-shoulder before going on to break-down. as was widely publicized (and expected), the ECB aggressively stepped up to defend the EURO this week, immediately after that pattern was completed. coincidence? you draw your own opinions. but will it work or will market forces sooner than later overwhelm all this gov’t manipulation to post-pone the inevitable? only time will tell but the point here is that if that pattern plays out, the GLD and GDX shorts will continue to play out as well.