GLD & GDX exit!

I saw GLD holding its YP in July and thought it could be a worth a shot. That was 7/11. From there held through a few pullbacks and was excited at the blast off. But I don't mess with yearly rejections in an asset that is not really trending up on larger timeframe charts.

9/11 Daily comment: "GLD fell back under YR1, and GDX under 2HR1. Exits are trickier than entries. I don't like long term level rejections though sometimes after a brief drop the market comes back. This is why I also factor in higher timeframe charts and other technicals. One could be trimming both based on the move today; or give more room by holding a portion above all pivots and/or above rising moving average (for example, holding until 2 consecutive closes below a 10MA). Based on the weekly charts I'd say err on the side of taking gains with any additional weakness below GLD YR1." (bold added)

9/16 Safe havens: "Sum: GLD falling back inside weekly BB and under YR1, but still above all pivots and all rising MAs could try to come back. Since 2011 high, overshoots of weekly BBs have been rare and most have been near key trading highs. Exits trickier than entries, but given YR1 rejection, weekly Bollinger band, Q3R2 level also in play, i erred on side of taking nice profits from the 7/11 buy. If following system of 2 bars under 10MA, then also out. Rising 20MA and Chandelier are still in the trade, and above all pivots also still in trade - case to be made for holding half. Monthly chart look to me settles any question - exit was the right decision with resistance at 2016 monthly close high and 100MA."