Anticipating further correction in the major indices before the downtrend is broken.
Major US indices stopped by daily resistance, if downtrend continues another flight to gold may happen, confirming a bull flag.
Put to call ratio is indecisive on DIA .85 SPY bearish 1.74, GLD indecisive .89, GDX .18 bullish, Neutral to bullish option chains for gold.
Double bottom on the daily charts, option chain put to call ratio is 0.33, with GLD put to call at a more conservative but bullish 0.70. Target 1 at 28+ target to at 30+ stop loss at weekly low of 26.32. Gold breaking 1230+ will confirm bullish trend continuation, with a break below 1210 most likely stopping out the position.