Keep an eye on GLD

You know I've been warning of underlying weakness in GLD the last 2 days.

Right now it's in a doji switching back and forth from unchanged to slightly green to down on the day. It's not an unusual reversal pattern to see a candle open higher like we have today and close lower to engulf the previous day's candle as I've drawn in under today's candle in red, it would be a bearish engulfing pattern which is a reversal pattern. Also remember that reversal doesn't always mean down, GLD can go in the 3rd direction which would be sideways, but given the fact that it's been trading for 3 days above the consolidation triangle, I'd view any failure as a likely false breakout. When 3C is back up I'll confirm.