Gold: At a moment of truth.

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About a month ago when GLD was at .4 I suggested we were likely going to have a correction to retest the recent low. That turned out to be true. It looks to me like we are in a declining wedge at this time. It may continue down short term to hit the lower wedge trend line but it could pop up from here. Personally I will be looking for a bullish candle formation on the daily chart before going long. Then add some when the longer term down trend line is broken. If my longer vision of GLD being in a very large triangle is correct we could have a choppy but sizable longer term up swing from here. Take care. Have a great weekend.
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