By Chris Vermeulen
It was an interesting options expiration week for equities that’s for sure. We saw some very choppy price action with large waves of buying and selling as the bulls and bears fought for control.
Both Gold and Oil closed lower for the week which is not a good sign considering the US Dollar dropped like a rock along with them.
Below are a few of my charts
GLD – Gold ETF Price Action
Gold continues to pull back from the June highs. It looks as though it could form an ABC retrace pattern if the July 7th low is broken. If $1085 is broken we should see gold drop to $1065-75 level. On the GLD etf that would be around the $112.50 - $113.50 level. That should shake out the majority of weak positions and start to rally towards the $1250/60 level.
