Our current GLD Put position,
Trade Idea (Options) GLD PUT from 10/20 is at a decent gain for as far as it has moved...
So far we have a 22% gain with an expiration November 22nd so still plenty of time which is by design as I would have chose a leveraged inverse ETF, but I'm just not crazy about the choices when it comes to gold.
Intraday and yesterday GLD has looked like it has been set up for a pin, I almost closed it yesterday just to free up funds for other positions , hoping to be able to get back in GLD short before it starts moving again, but decided just to let it sit where it is.
The 3 min chart shows the negative sending GLD lower and the current in line which "looks" like op-ex pin activity although it may be any kind of consolidation.
It's the longer charts that tell me to hang in there with GLD short, no matter what I may think of gold on a longer term basis moving forward, we just aren't at that bridge yet.
This 5 min is leading negative, but close to in line.
It's the charts like this 30 min that tell me to hold on to the short.
And GLD 60 min.
As for the longer term long, we'll take a look when price moves lower, I suspect Gold will rally longer term, again, we're just not at that trade yet.
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