Mr. Market does not believe Mr. Benanke and continue the down trend after rejected at the down trend resistance line. In addition, GLD broke the critical support of $130 and in the process of forming a Head and Shoulders pattern. Watch the neckline support (also the 61.8% Fibonacci Retracement) at about $124-$125. Breaking this support will send GLD to test the recent low of $115.
See Previous Analysis Gold Starts to Rally?