I reduce long exposure via cutting call spreads
I cut my 1105/1140 Bullish Call spreads yesterday and today.
- Ichimoku turns neutral. Price is enterring a thick Kumo. 1120 shd act as resistance first.
- EWO turned green which is also positive
- However haDelta had an extreme high print yesterday. Some consolidation in coming days is possible.
I think the picture is slowly turning more and more bullish for Gold, but we may see better entry point ard 1085-1090.
I still keep my outright longs, but as I opened my Call Spreads a bit too early, I decided to close them given the market short term bit overbought and also Theta started to bite into the value of the option position.
Weekend is coming... who knows what PBoC will do? Bit of risk reduction on Gold, as I am still long EURUSD anyway.
- Ichimoku turns neutral. Price is enterring a thick Kumo. 1120 shd act as resistance first.
- EWO turned green which is also positive
- However haDelta had an extreme high print yesterday. Some consolidation in coming days is possible.
I think the picture is slowly turning more and more bullish for Gold, but we may see better entry point ard 1085-1090.
I still keep my outright longs, but as I opened my Call Spreads a bit too early, I decided to close them given the market short term bit overbought and also Theta started to bite into the value of the option position.
Weekend is coming... who knows what PBoC will do? Bit of risk reduction on Gold, as I am still long EURUSD anyway.
