• double top trade setup in gld gold

While the SPDR Gold Trust (GLD) is having a solid day of trading today, there is some developments that should be of concern for you traders holding a long position in it. double top trade setup in gld gold

Now, I’m not saying to short it right here, right now. Far from it, because it could easily breakout to new highs in the near-term and if so should lead to further price expansion. 

But as it stands right now, there is a glaring double top forming on its daily chart that you have to pay attention to. 

So this is what I would say: while it trades sideways between $125 and $130-ish, all is well. There wouldn’t be any reason to short the stock. Drop below $125, and I think you have a very good reason to get short on GLD. 

If you get short though, don’t expect it to be some magic carpet ride for you. There is a major rising trend-line off of last December’s lows that will come into play in the low $123’s. If that price level breaks, then you have a much bigger move on your hands that should send price down to $115. 

So those are the parameters to work with. 

gld swing trade short setup

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