Intermediate-term formation pattern appears to be a wave extension completing soon followed by a move higher. Looking for stronger support at the 40 week moving average a few points lower but willing to buy a pilot position at this level.
My main GLD position is an Iron Condor option position selling puts at the 165 strike and calls at the 200 strike. Adding shares at this level give some protection should GLD surge above 200 prior to the option position's expiration.
Downside risk appears to be down to the 160 level should the Long Term Reverse Head and Shoulders formation build out. More GLD updates should price break lower.
My main GLD position is an Iron Condor option position selling puts at the 165 strike and calls at the 200 strike. Adding shares at this level give some protection should GLD surge above 200 prior to the option position's expiration.
Downside risk appears to be down to the 160 level should the Long Term Reverse Head and Shoulders formation build out. More GLD updates should price break lower.