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Gold Bounce Done?

Published 06/18/2014, 12:19 AM
Updated 07/09/2023, 06:31 AM
GC
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GLD
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I put together a very large short position in Gold on Monday, via the SPDR Gold Trust ETF (ARCA:GLD). I was pleased to see gold falling Monday night, but early yesterday morning, action indicated to me that the fall was probably done. I covered it right at the opening bell for a nice profit.

As gold was recovering yesterday, I’m probably going to get right back into the same short position. It seems to me we’re going to be coming right up against the horizontal line I’ve drawn below, which I think will offer resistance.

Gold Chart


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