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Bullish On GLD

|Includes: SPDR Gold Trust ETF (GLD)

GLD Trade

Let's take a look at the chart:

GLD (top) and GLD Jan150P on a daily chart. (source: Tradestation Securities)

I want to emphasize several points:

  1. We seem to have found a support for GLD ( at least for now) confirmed by the options as well
  2. GLD is revisiting the bottom by making a new weekly low but quickly returning to previous day range
  3. Such "failed" breakouts are usually good inflection points

GLD Trade

Buy 152.71

Stop weekly high of 2.30 in GLD Apr 150P ( around 151 level in GLD)

Target 155 -159 ( at least last week's highs)

Disclosure: I am long GLD.