Closed out my GLD calls entirely on Friday—timing worked better than I'd anticipated, catching the move before the 5% pullback showed up right the next session on the daily.

That said, I'm staying on the sidelines for now. The bounce looks premature, and I'm genuinely more interested in seeing a second leg lower. The 4200 zone is where I'd actually start thinking about loading up on 3+ month calls with real conviction. Until then, this dip doesn't feel like the right entry for the thesis I'm building.

Gold and XAU are still respecting the broader trend, but patience here beats chasing. Better to miss the first 2% and catch the move from actual support.