Last week we noted that GLD gapped through December's bearish island and we said that the gap should hold as support, otherwise we could be looking at a double top for GLD.
So when GLD gapped lower on the open yesterday, we had a perfect shorting opp. I prefer to trade gold stocks than the ETF, so I traded GG as depicted below.
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I have been eying gold's mid-term 1225.00 resistance level for awhile. Today(May 26th), the market firmed up to 1215.00 area(as of right now), and I believe the next few days will tell us a lot about the future of gold.
If it hits 1225.00 and then retreats again, I think we are in for a market reversal. If it is able to close multiple times above this resistance...sky is the limit.
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