Gold has declined almost $100 per ounce of late.  Gold ETF (GLD) is now testing a couple of key support lines.

CLICK ON CHART TO ENLARGE

Will take some time to see if the “Head & Shoulders” pattern happens to be a correct read in GLD. Even if it is, it would require a rally in gold to create a right shoulder.  Right now, SUPPORT IS SUPPORT UNTIL BROKEN!

Game Plan…Buy GLD with a stop at $128.  Am looking to own this with a tight stop!