Long Gold, looks like the low is in today

23 giu 2015

I thought the low was in yesterday for Gold. Went long buying GLD July $113 calls. Today Gold was lower at $1176.18 2 hours ago. Since that low is higher than the low on 6/17 at $1176.16, if it holds as I expect, we should rally from here. I feel that Gold will rally soon to $1238, surpassing the high of $1232.30 on May 18. The GLD $113 July week 2 calls should go from $1.15 currently to over $5. Gold is currently almost $2 over the low today at $1178.03. Gold's low of $1174.50 on 6/17 was followed by a rally to $1205 last Thursday 6/18. The high on 6/18 $1205.68 was higher than the high on 6/1 at 1204.23. I expect the next rally to be higher than $1232 high on 5/18 as we have seen higher highs since March. $1219 on 3/26, $1224 on 4/6, $1232 on 5/18. Many expect Gold to drop below $1000. I am not a believer of that scenario. I believe Gold has bottomed and will rally from here. The run from $700 to $1900 has seen a .618 retracement. I'm long and strong Gold Good Luck