Since my last post about GLD, the trend line breakout prediction lead to a huge rally. The importance of the 114-116$ support zone has proved itself. Since than, I've traded a small harmonic pattern successfully and lately I've traded this Butterfly pattern (shown in the chart) on XAUUSD. Not that it has reached first target level. GLD could be heading towards target 2 and possibly, the end of its pullback - the 116-118$ zone. In order to do so, GLD will have to break and close below the 200 SMA line, which acts as support. If it will, 118$ will be the first target level and below it 116$.