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GLD is coming into big support at 120:
Odds are it’s going to breakdown through that level, and when everyone starts looking for 115 it will fail to see followthrough and run back higher.
From a macro perspective, GLD is getting knocked around due to the strength in the dollar:
That’s a weekly chart of UUP, a dollar ETF. It’s parabolic and overbought, and the near term news (ECB rates negative, voodoo from BoJ) are all known so I think it slows down here.
The trade I like:
Sell to open GLD Nov 116/113 bull put spread for 0.62
Half size
Add at 0.80
If we hit 115, roll down and out to december bull put spreads
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