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On CNBC's Trading Nation, Todd Gordon shared with the viewers his bearish trading idea in SPDR Gold Trust (ETF) (NYSE:GLD).
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
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Gordon used Fibonacci retracement to measure how much has the ETF bounced back from its recent lows. He explained that SPDR Gold Trust (ETF) is currently trading close to its 50 percent retracement, which is a pretty common technical level and it's usually called "half back." Gordon added it looks to him that the stock is going to trade lower from the 50 percent retracement level.
To make a bearish bet, Gordon wants to buy the March 115/110 put spread for $1.02. The trade breaks even at $113.98 and it can maximally make a profit of $3.98.