Last week I closed NUGT trading position which was a half size position, UGLD made the other half as they are so similar, I treated them as 1 position for risk management purposes. As I said yesterday, I think GLD is going to pullback near term, I do think it will open a new long trade on the pullback, but for now, I'd rather take the small gain and use the resources elsewhere.
UGLD P/L
For longer term GDX/NUGT/GLD positions I'd have little problem holding through a pullback here, but since there looks to be some nice volatile trading opportunities building, I see no reason to leave this trading position in place just to lose the gain when I can re-enter it, likely next week at better prices.
GLD 3 min negative
GLD 5 min negative
GLD 10 min negative, these all tell me "Pull back".
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