Gold seems to be breaking down from this triangle formation. The above chart is for streetTRACKS Gold ETF- GLD. I have entered a short position here at 78s. We had inflation data coming in this morning which was hotter than expected. Following this news, GLD broke down. I am not sure if the 38.2% retrace will stop this slide. This should be safe and good trade. I will stop-out if enters back into the channel.
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