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GLD bounce from channel bottom - targets 166, 171Last week GLD price came all the way down to the bottom of the blue support region and tried to push lower (below 158) but the channel support line (white) held firm. Now I am looking for price to bounce up to moving averages and/or channel top. This gives targets of 166 and 171. The dotted pink line connects closing prices on a line chart. The solid pink line connects high prices. Since I bought April calls using very little capital, I have enough time and comfort to hold the loss and see if price moves higher. I am using the hourly and daily chart for this trade.
AMEX:GLDLong
by OptionsRising
Gold: We have entered a bear cycle.This long-term chart of GLD reveals that we have entered the next bearish cycle for the Gold market. This cycle of the Gold market peaked a couple of months ago and seems to be following the same trend from the last cycle. In fact, if we use the fib-retracement tool to plot the pullback from the first pulldown from the peak, we can see that GLD has bounced up and found minor support on the 100% fib trend retracement line. We can now expect a rise to the 61.8%-38.2% levels before falling down from there again. Be careful shorting puts or going long in those levels as we may never see another ATH for months if not years. Trade Idea: Short GLD around $171-$180. While it is unlikely for it to keep rising higher to new ATHs anytime soon, you can set stop-losses above at a comfortable level while leaving enough wiggle room. We can expect GLD and Gold to continue to fall from those $175 levels down below the $156 fib support, and then the 148 support area. Once the price breaks those levels, we can expect a high-velocity waterfall sell-off to the $136 support area, where we can also take some profits on the way. The key support area and the final price target is the parallel channel support around $107.5-$115, which we can expect to see in anywhere from 9 months to 5 years.
AMEX:GLDShort
by punitarani
Golden Retriever GLDYea this could be pretty ugly if breaks here Gold has walked on down to sub 1700....just broke after the Feb Jobs number down to 1690 Maybe this is the final flush out before Gold regains a bid on some inflation worries... Though it really doesn't seem to care about that Either way I'm getting long GLD calls here for a move back up towards 165 where there is a large open interest in the options market for March opex If need be this trade will become a short credit spread real quick especially if USD shows continued strength
AMEX:GLDLong
by Tidal_0BX
3
GLD - Taking a Long Term Shot HereInterest rates soar, what could be worse for gold? Taking a long term shot here. Bought 170-220 June 22 call spreads in the 7s. Price is at the 20 month moving average now. Well, that means nothing I guess. Prices could always go lower. But with such a long time horizon, the short term volatility represents a decent place to accumulate. Extending the trend line to June 22, looks like to could be 192 so this should pay off. If it goes lower, I reassess trends and add more.
AMEX:GLDLong
by Glewis54
1
Finale selloff in GLD - will reverse up when yields/USD dropOn the weekly and daily charts, my indicators all show that selling may soon be exhausted. On weekly, you can see price is in support zone and you can visually see three waves of selling from top (Sept '20, Nov '20, today). Initially I was looking for 163 to hold but there is too much yield-rising pressure so price is moving down into green support band. I bought April 170 calls. When it is scary to buy at the bottom, keep your position size small. If GLD moves higher, it will get back over solid white line and you capture a fantastic price move. If this trade idea does not work you lose little (with small position) because you bought very close to stop loss.
AMEX:GLDLong
by OptionsRising
3