On Friday, GLD (SPDR Gold Shares) & IAU (iShares Gold Trust) added a combined $882M in assets with GLD seeing more inflows than any other ETF. In addition, option call buying continues to be heavy. GLD saw 14k opening call buyers while seeing only 2k opening put buyers. In particular, there were a total of 15.8k Sept 125 calls that traded @ $4.75, which is $7.5m in premium.
The chart below illustrates important technicals:
- The break in trend – POSITIVE
- Volume confirming price action – POSITIVE
- The Relative Strength Index (RSI) was overbought last week at an 84, however, it did some digesting and now is a 68, still a high reading – CAUTIOUS
- On Balance Volume (OBV) increased with the price breakout – POSITIVE
Purchase the GLD Jun 125 / 130 call spread $1.00
GLD – SPDR Gold Shares
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