New Position: GLD Long 118.26 ATR 1.17
Name of Instrument: Spdr Gold Trust
Sell Stop: 116.69
Current Price: 118.58
Reason For Trade: After a drop and hold of 2013 lows, and a reversal candle on the daily chart October 6th, the risk is in line to see if this can continue its bottoming formation and test the overhead 50 DMA now at 120.80. Plus, if the geopolitical situation continues to heat up, there could be a flight to safety in the yellow metal.
First Target: As we have been a bit more active even on the swing positions, will keep P1 at 120.05 for 1/3. Expect more alerts on stops and target changes than usual in current environment.