In my opinion: This usually means the whales have too much control over the volatility and they are minmaxing it (Big buys and sells on both sides), which means it's lost momentum.
On the bullish case: We are being held at a very high price. CGLD doesn't like to be held up without a reason.. We also have not made a lower low. Until then, bullish case is still strong.
If it drops below $5.1, I'd expect to eventually hit the trend line.
Note: FYI at this moment only 5% of my portfolio has CGLD, down from 100%.
On the bullish case: We are being held at a very high price. CGLD doesn't like to be held up without a reason.. We also have not made a lower low. Until then, bullish case is still strong.
If it drops below $5.1, I'd expect to eventually hit the trend line.
Note: FYI at this moment only 5% of my portfolio has CGLD, down from 100%.