Gold prices look like they want to keep going down and $1000 is acting as a magnet.
Looking at the GLD ETF there is a “Head and Shoulders” pattern that is currently in play and was confirmed on Dec. 10th when prices failed to move above $123. So far it is holding at $117, but if that breaks down then I think prices can go to $100 in short order. To short gold, I prefer using the ProShares Ultra Short ETF (GLL) and adjust my position size to half for the leverage (2:1)
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- GLD Weekly Chart
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- GLD Daily Chart
