the most recent (currently active) GLD trade posted here was a short on the re-test of the broken uptrend channel on jan 30th at 168.97. currently, with GLD trading at 173.77, that trade is down 2.8%, which really isn’t much but every trader must decide what trades to make and where to place your stops. as stated in the last GLD update, i’m considering either a solid close back into the channel (on the 2-day, not daily) time-frame on which the trade was based or a solid close above that horizontal resistance level around the 175.50ish area. as i said previously, GLD has a key support area marked by those two close parallel lines around the 165-166 area which must be taken out before this trade can get any traction on the downside so if you are not currently short GLD, at this point i would probably hold off, as i’m not too crazy about 2nd re-tests, and i’d wait for a break of that support level before entering. charts in order as posted.
