Just be careful bears. This could be a massive inverted HS. Price is very close to the 1900 support, I wouldn't be short here. It could drop a little more but gold is gold and doesn't give any warning, it could shoot up at any moment. I think we will some price action within a couple of weeks. Keep GLD in your watchlist.
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Still valid, it dropped a littler more than expected but now is going to test the historic resistance:
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I've been buying a ton of calls of GLD expiring on Feb and march. I thought gold was going to take more time to beak out but I see that is not waiting anymore and now is ready to burst. I also bought a lot of calls of Newmont (NEM) and I'm going got buy more today expiring Jan and Feb. If you want to do only one trade this the one. Calls of GLD and NEM expiring March bc once it breaks out is going to go up for several weeks in a row:
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Price is sitting on the 2K support it could try again to break the 2080 resistance:
