This idea is extremely aggressive since the stop is a bit far away and initially the expected profit is the 1 x 1 extension target = + $ 1.64.
Therefore I need to trade against a pivot low in the 60 min chart in order to have an appealing R/R maybe with UGL or UGLD (Probably small size).
Also there is the uncertainty of the price reaction to the ECB meeting today and NFP tomorrow.
The reason of this bullish set is based on the short-term time frame due the sharp reaction following a bullish falling wedge, as it can be seen in the 30 min chart:
If we look at the weekly chart we can see that price has reached a potential bottoming zone (Extension of the neckline of an IHS that ignited the rally at the end of January and the 20 wma).
So far we have a weekly Doji (Suggesting a bottoming attempt).
If tomorrow a weekly "bullish" candlestick is confirmed odds would favour an "oversold" rebound maybe towards the 10 wma = 126.41.
However this is not a "free lunch" trade since GLD has overhead a cluster of overwhelming resistance in the range 125.10 (200 dma) - 125.96 (50 dma).
