[GLD] update

In the backlink I provided the zoomed in model below, near term price target was around $115.  Below is the model from that post.




As you can see from the current snapshot, that model wasn't far off the mark so far.



The bigger picture is more instructive at this point.  What's happened was a gap up but one where the gap did not take out the next big support.  To me this is likely a failed breakout attempt.  We should know very near tomorrow's open which way this is now going to go.  But from here I think it would take another gap to break out.  This is possible to happen but not the high odds play.  In any case, nobody knows what will happen so the best you can do is to know when something has happened and if gold gaps up tomorrow or otherwise breaks out of this down trend then buy the next dip. 

On the bearish side, which is my current lean, it is quite possible that resistance holds, the GLD chart develops a declining double top and next stop is GLD between 95 and 105 which has been Avi's bottoming target for many months now.  If this happens it will be very bullish for gold in the medium and long term.  That's because this big sell off would be the end of wave 2 and then we should expect a multi-year wave 3 that will boost the miners like never before.