• HEDGEYE’S MARKET BRIEF
    Our FREE Investing Newsletter
    Get Exclusive Summer Sale Discounts

    By joining our email marketing list you agree to receive marketing emails from Hedgeye. You may unsubscribe at any time by clicking the unsubscribe link in one of the emails. All Hedgeye products and services are subject to Hedgeye’s Terms of Service available at www.hedgeye.com/terms_of_service

Keith sold our long position in the gold etf GLD this afternoon at $155.10 for 1.9% gain.  

He remarked on the trade, "Buying a distressed situation on Wednesday in Gold was backed by the only thing we know - our process. Selling it here is the same."

GLD is immediate-term TRADE OVERBOUGHT with resistance at $155.66 (0.2% upside); long-term TAIL line support is at $152.16 (2.0% downside).  Risk outweighs reward by 10-to-1 at the current price on the immediate-term TRADE duration. 

Selling GLD: Immediate-term Overbought - gold

To see the note we published on Wednesday upon opening the GLD position, click the link below:

https://app.hedgeye.com/feed_items/17319

Kevin Kaiser

Analyst