GOLD XAUUSD GLD - Price nearing critical support
Updated
Price has sold off hard from the bearish price action analysis I did last week (those will be linked to this post). As I pointed out in my analysis last week, the bearish price action offers an opportunity to get short and once price drops to the 1215-1205 range we can switch from a short position to a neutral/short to then profit from the high implied volatility. If price reaches key support those would have allowed a trader to profit around 50 handles from a directionally short trade, and then likely collect another 50+ handles from short premium, assuming price starts moving sideways or pops a little bit from this 1200 support range. I hope this specific setup makes the case to all traders that trading both directionally and neutral/short premium, and being able to fluidly move between the two strategies, is a superior way to trade.
Note
Analysis from last week 
Note
Analysis from last week 
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