Gold Rejected Again? Back to Lows?
Not to beat a dead horse but Gold is back to try and test a breakout of the downtrend resistance it's been fighting since ATH back in August.
Made a couple attempts to break above overnight around 1917 spot Now kinda of treading water on the downtrend
DXY back on the lows...USD could rally from here and get a reaction out of GLD
Stimulus mostly priced in by now surely?
I'd fade any stimulus related pop and look for Gold to head back to those lows around 1860
Depending on whether or not GVX pops I may sell GLD Call Spreads but I prefer to just play it long GLD Puts and leg those in some sort of spread.
If GVX doesn't budge on a Gold pop that to me would be a tell its not going higher
Made a couple attempts to break above overnight around 1917 spot Now kinda of treading water on the downtrend
DXY back on the lows...USD could rally from here and get a reaction out of GLD
Stimulus mostly priced in by now surely?
I'd fade any stimulus related pop and look for Gold to head back to those lows around 1860
Depending on whether or not GVX pops I may sell GLD Call Spreads but I prefer to just play it long GLD Puts and leg those in some sort of spread.
If GVX doesn't budge on a Gold pop that to me would be a tell its not going higher
But same difference really