Today the GLD price has taken over the 127 level and pressed against the resistance boundary of the falling trend channel on the short horizon chart only to retreat a bit before closing. The current rising column is the longest column of Xs during this decline from the July high. Taking into account the gradually decreasing volatility the current advance may imply higher prices in the near term.
On the short horizon 3-box reversal chart with a box size adjusted to the current short-term volatility we have a Low Pole Reversal pattern, which can potentially push prices to the minor resistance at 128.7. A new decline to 125.5 will eliminate these short-term bullish implications.
Observing a change in momentum I have closed all my short-term bearish positions today.
Sold to close GLD 23Aug13 128 Put 10 contracts at $2.43
Bought to close GLD 23Aug13 122 Put 10 contracts at $0.53
Bought to close GLD 09Aug13 127 Call 20 contracts at $0.08