A quick note on today's action. This intraday reversal we are seeing in gold is very similar to what we saw on June 21, when it tested this tough resistance at 1550 and reversed as well. What followed was a nasty sell off. I continue to harp about a needed test of the 150 day/30 week MA that has yet to come. If I am right about this, we could stand to lose $100/oz in 3-4 weeks or less. To believe a rally in gold that gained about $75 in the course of 6 days in July of all things is enough to make me more than skeptical. If you played this rally, which I did not, I would suggest taking your trading profits now. If you have a leveraged position, I suggest clearing it up. A good play on gold rather than risking a short position in the metal itself (highly inadvisable in this world of anything-can-happen-at-anytime.) Or a short position on miners (more than just inadvisable, portfolio suicide if you ask me. any one of them could be bought out at anytime.) would be to buy puts. For instance, Aug puts on the GLD at a strike of 140 (which coincides with gold's 150 day MA) are very cheap. Rolling some profit over into them at currently 35 cents is not a bad way to have a low risk/potentially very profitable position on declining gold, but is also a way to make the next month of this market not be a complete waste of time. In closing, it's summer. We know what that means for gold, lets not think it will be different this year. Cash out some trading positions, use the profit to take a vacation, go to the beach, go fishing etc. But in the course of doing so, try to resist the urge to check kitco everyday or it might just ruin your vacation!