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.