The hearty bounce that took place in gold (via GLD) over the past week is, I think, complete. Take note of the horizontal, and in particular, the substantial amount of trading activity above that zone.

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Taking a big step backward, you can see how significant the broken trendline is, and how all we’ve done is returned to the underside of that now-broken trendline.

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And taking an even bigger step back, I think you can see what a chasm exists which may well become gold’s “drop zone” as it resumes its bear market that started over a year ago.

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