Gold Rally Failing

At this juncture (2:40 p.m. EST), price action in GLD has verified the down trend and is pulling away; confirming that last week’s action was a major trap for the bulls.

Although not required by this site as there are no recommendations or advice, as a courtesy housekeeping notes are provided:

The DXD trade was exited at about break-even. Price action is moving too low (DIA higher) for continued maintenance on this trade.

A short position in the mining index GDX (Major Miners), was opened at DUST 18.86, when it bacame obvious that GLD was pulling away from the trend as shown.

Hard stop DUST, 18.45 (not a recommendation, not advice)

Charts by StockCharts

Note:  Posts on this site are for education purposes only.  They provide one firm’s insight on the markets.  Not investment advice.  See additional disclaimer here.

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