*****NOTE: If the action Wednesday was a tradeable bottom, there will be several good swing trades to look at for longs. So far, gold is a good place to be and cash is the other good place to be.
***NOTE: Raise stop in GLD to 102.47 (just under the January Calendar Range low)
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*Existing Position: Long GLD 104.35 ATR: 1.28
Name of Instrument: SPDR Gold Trust
Current Price: 103.98
****RAISED Sell Stop: 102.47
Reason For Trade: In a Recovery Phase and trying to base, like the wider risk to see if it can hold the January Calendar Range Low 102.49. If it does, 106.24 is the January Calendar Range high. If that clears it also clears the 100 DMA with next overhead resistance at 109 the 200 DMA. At this point I’d rather hold GLD in case it has bottom but we will look to take some off around 2:1 risk/reward ratio or at around 109-110 level.
First Target: Sell ½ at 109.00
