Just went Long the GLD 170 November Call Options

I just went long the November GLD 170 Call Options at 3.30.  I think gold is about to bounce back up to the old highs like a boomerang.  We are still in the very favorable seasonal time frame for precious metals.

Yes, September was a disaster for the precious metals which is astonishing since it is usually a superb month statistically.  But now I think gold is kicking the dust off its boots and wants to play catch up topside again.

There is still a gap fill at 173 and change on the GLD.

I still think gold has a good shot at blasting up and through 2000.  Whether or not this happens by the end if this year is unknown, but gold does seem to have a habit of delivering Christmas presents right at or near the end of the year.

bullion-bars-gold-bars-300x225As long as this gold bull is still alive trading call options on the GLD may be a nice way to go if can get good entries on massive weakness.  Why? Because the predominant bias is still UP until further notice…

I will have to do another update on the long term chart of the US dollar index soon.  I think a lot of people were expecting the Dollar to stage a huge upwards and sustainable rally.  This does not appear to be the case now from what I am seeing.  It was on the verge of doing so and starting a new bull run, but most recently it really screwed up the bullish scenario.

Leave a Comment