Last Monday, I had posted a potential head and shoulders pattern for GLD. GLD broke down, through the 50 day MA, and a few support lines but immediately rebounded and acted as a bear trap.
Until GLD breaks the 87 or 93 levels, it should not be traded from a technical viewpoint. Right now, GLD could move in either direction, and it is much less risky to lose a few points and have a higher probability of being on the right side of the trade, than blindly enter the position and hope for the best.
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