Existing Position: GLD Long 118.26 ATR 1.17 (about ¼ position left)
Name of Instrument: Spdr Gold Trust
***Raise Sell Stop: 118.26 or no loss stop
Current Price: 118.99
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: Sold 1/3 at 120.05 then sold ½ more at 119.38
P2 for ½ more 121.67