Gold update
A little bearish after the clear rejection of 1429 resistance. This morning the bulls came out and got rejected again at the trend line.
I'm not currently convinced that 1410.99 is our higher low. Are bulls comfortable holding through the FOMC?
I had short puts on GLD I was trying to hold into the close but when I saw some volume kick in I covered for smaller gains. Great thing is that I had opened up a short call spread yesterday to protect my put spread underwater. Never add to losing options positions, always protect by selling the opposing spread. Let's continue to be technically driven and directionally unbiased. Good weekend to all.
I'm not currently convinced that 1410.99 is our higher low. Are bulls comfortable holding through the FOMC?
I had short puts on GLD I was trying to hold into the close but when I saw some volume kick in I covered for smaller gains. Great thing is that I had opened up a short call spread yesterday to protect my put spread underwater. Never add to losing options positions, always protect by selling the opposing spread. Let's continue to be technically driven and directionally unbiased. Good weekend to all.
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