I put together a very large short position in gold yesterday, via GLD. I was pleased to see gold falling last night, but early morning action indicated to me that the fall was probably done. I covered it right at the opening bell for a nice profit. As gold has been recovering this morning, I’m probably going to get right back into the same short position. It seems to me we’re going to be coming right up against the horizontal line I’ve drawn below, which I think will offer resistance.
