I feel good about this gold setup, here’s why
After retesting multi-year highs at the end of last week, gold (GLD, or yg
z5) has pulled back to its rising 15 period MA, .618 Fibonacci support and
remains positive on other technical fronts. What’s particularly appealing about
this trade is the perception that gold has put in a double top. Many of us are
taught about double tops as one of the first warning signs of a long position
reversing or as a spot to initiate shorts. In my book, One Shot — One Kill
Trading, I like to buy the dips of markets that have pulled back after retesting
their highs as long as the first pullback before the retest stayed above its 15
MA…
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