With GLD looking like it's getting ready to pullback to my target of $170, I'm closing this short put out here in StockHoot. In my actual live trade on GLD, which is a 175/170 Diagonal put spread, where I'm long the Jan22 $175 put, I'm keeping this spread intact. I'm closing it out here in StockHoot so as not to be penalized as having a "loss".

This is the short put leg of a Diagonal Put spread. The stockhoot system is not capable of handing a diagonal put spread, so I will be posting this position as 2 separate recommendations. Although GLD has recently pierced thru its 200 day average, I'm expecting it to run out of steam soon and retest its 50 day average. Expecting a pullback, I'm entering into a Diagonal Put spread on GLD, structured to reach max profit with a slight pullback of 3.5% from its current level. I'm in this Diagonal Put spread at a net debit of $7.95 per contract. I'm looking to exit this trade with GLD trading down to the $168 to $170 level.

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