Expired GLD Weekly outlook. 5th WK OCT 2024Expired GLD Weekly outlook. 5th WK OCT 2024
> BULLISH 📈 HIT
Prior Week Closed Price: 253.32
This Week Target Price: 254
Strike Price: 257.71 on OCT 30, 2024
Upper Range: 258.17
Lower Range: 250.97
Gldshort
Expired GLD Weekly outlook. 2nd WK JULY 2024Expired GLD Weekly outlook. 2nd WK JULY 2024
> BULLISH 📈 CORRECT
Closed Price: 220.93
Target Price: 223 | Strike Price: 224.15 on JULY 11, 2024
Upper Range: 226
Lower Range: 221
Expired GLD Weekly outlook. 1st WK MAY 2024Expired GLD Weekly outlook. 1st WK MAY 2024
> NEUTRAL 📊 CORRECT
Closed Price: 216.62
Target Price: 214.14 | Strike Price: 211.50 APR30 24'
Upper Range: 217.38
Lower Range: 210.90
Shorting $GLD here looks like a good tradeEveryone has been bullish gold here, but the idea never made sense to me. We're still in the beginning of a market downturn, and if S&P and QQQ go down, gold is going to go down too.
Now the chart is also confirming my thoughts. We just went up and retested previous support as resistance and now we look to be forming a lower high on lower timeframes.
This looks like a great spot to short the pet rock.
Idea would be to go short here and buy as we get closer to the orange and green supports.
Expired GLD Weekly outlook. 1st WK SEP 2023Expired GLD Weekly outlook. 1st WK SEP 2023
> NEUTRAL 📊 CORRECT
Closed Price: 180.11
Target Price: 179.67 | Strike Price:178.64 SEP5
Upper Range: 185.15
Lower Range: 174.19
GLD: Hit the Brakes ✋🛑Almost there! GLD should slam on the brakes and wrap up the blue wave (i). After completion, we expect the course to dip into the blue target zone between $162.26 and $155.58 to fulfill the corrective low of the blue wave (ii). Once achieved, the GLD is good to go and should rise back North.
GLD: Correction incoming! ↘️↘️↘️The GLD price has reached its ideal mark at around $171.43. Now, we expect the price to drop all the way down to levels around $162.15. Ending the correction there, the GLD can then look forward to gain upward momentum.
Enjoy your weekend!
Trading Edge 2020 Portfolio -Trade #4- GLD - Put Debit SpreadTicker: GLD
Position:
- 21st Feb 2020 Put debit spread
- Long $150 strike Put - delta 0.90 - cost = $3.65
- Short $148 strike Put - delta 0.70 - credit = $2.04
- Net cost/ spread = $1.61
- Running 5x spreads (5x of both strikes)
Net cost = $805
Profit target/ break even/ exit:
- Max profit of the spread at expiry = cost of the spread minus the width of the spread = $1.61 - $2.00 = $0.39 (24% of cost of spread)
- If GLD remains under the short leg of the spread ($148) by expiry (21st Feb 2020) then the spread will have achieved maximum profit
- Break even for the spread at expiry is the long strike minus the cost of the spread ($150 - $1.61) = $148.39 (white line)
- Exit if GLD closes just above the break even point ($149/ Purple line)
- Can also exit the spread earlier if 80% of maximum profit is realized = 0.39 (max profit) x 0.8 = 0.312 + 1.61 (cost of the spread) = $1.92 (more conservative exit price for the spread)
Rationale:
- GLD appears to be stalling around the $148- $150 range
- Stocks are still a little too extended for me to look at longs, however i realize that higher equities are on the cards for the next week or so, this is a more conservative to way to play both the stalling momentum in gold and the relative strength in equities
- The upside is capped with this strategy, however it is still a relatively good risk/ reward, particularly with the higher delta spread (short leg being delta 70)
- TradingEdge
