Shorting $GLD here looks like a good trade

Everyone has been bullish gold here, but the idea never made sense to me. We're still in the beginning of a market downturn, and if S&P and QQQ go down, gold is going to go down too.

Now the chart is also confirming my thoughts. We just went up and retested previous support as resistance and now we look to be forming a lower high on lower timeframes.

This looks like a great spot to short the pet rock.

Idea would be to go short here and buy as we get closer to the orange and green supports.

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Not looking good here for gold bulls.... we shall see what happens over the next week or two. Let's see if price can even get back to $185.27.

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Still can't close above $185.27...

Weakness.

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1 hr H&S top now confirmed.

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Appreciate everyone in the comments that tried to counter trade this idea based off of fundamentals.

$175.70 next, then a lot lower over the next year.

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Short closed this morning. Still think this goes lower over the long term, but taking profits and will reassess for another better entry

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Looking like a good spot to reenter a gold short

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Could see price reversing somewhere between here and $187-187.48. Flip $187.48 and the idea would be invalid.

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Bought GLD 03/15/2024 185.00 P

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Added to my gold short here at $189

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Well got the reversal over the weekend. Hence why you don't chase price movements and sentiment when they're at the highs. When everyone is expecting the same gold bull run, it usually doesn't play out.

Put is now in the green.

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Think it's time to buy puts again. Just bought Jun 21 $180P