$GLD short term top? Buy the dip at $177 or lower?
GLD looks like it's putting in a top here. While I do think commodities have started longer term bull trends, I think if we see a big move down in risk assets, commodities won't escape the bearish move.I think it's likely that we reverse from this level and find support somewhere between $177-169 region.
However, I'm not ruling out the possibility of a larger move down. Supports on the charts.
After we see a major correction, I'll look for long-term entries as I think that move down will start the next bull run.
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