Could Gold be headed for a double top?
Gold could form a double top like it did in early March before heading lower and hit the .618 Fib target of low 1700.
This is a short term move so you could play this with GLD Aug 28th calls with: Stop at GLD below 178.5.
First Target 190 (gap fill)
Second Target 194.5 (double top)
If that plays out, the next move down would be even bigger! It would then be followed by a very bullish trend for gold even bigger again and for the longer term!
Miners could also be an option for this play but in March, although Miners did go up, they did not rise to their February top (see blue line). So I prefer GLD for this setup.
Disclaimer: The above is not an investment advice. It is merely an opinion and I share it for your entertainment only. Do your own due diligence and above all, trade safely and stay safe!
This is a short term move so you could play this with GLD Aug 28th calls with: Stop at GLD below 178.5.
First Target 190 (gap fill)
Second Target 194.5 (double top)
If that plays out, the next move down would be even bigger! It would then be followed by a very bullish trend for gold even bigger again and for the longer term!
Miners could also be an option for this play but in March, although Miners did go up, they did not rise to their February top (see blue line). So I prefer GLD for this setup.
Disclaimer: The above is not an investment advice. It is merely an opinion and I share it for your entertainment only. Do your own due diligence and above all, trade safely and stay safe!
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This has started to pan out way faster than I thought!
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Looking pretty much as expected so far. Will it form a double top? Not sure but be careful because it will travel back down soon in my opinion... Watch the stock market reversal and/or the dollar index
