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The Next Support Level for Gold

Gold is seeing significant movement to the downside, breaking recent lows.

My next target is around 157.50, which is a major confluence level. Here is why this is big support.

  • The unfilled gap to potentially be filled from late August.
  • The 61.8% retracement from the May lows to October highs
  • The measured move (A-B-C Pattern) takes us to 157.50

If we get to this area fast, I would consider selling put spreads in GLD or selling puts in GDX.

by Steven Place

Steven Place is the founder and head trader at investingwithoptions.com/

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