GLD Update

GLD's footing here doesn't look very sure.

Recall yesterday's bearish ascending wedge and my thought that we would see an upside breakout from the wedge (the opposite of technical analysis dogma), followed by a downside resolution on a head fake breakout. Yesterday we didn't get the breakout, at least not to any meaningful extent which would fulfill the purpose of such a breakout. This morning we have the anticipated breakout in to a negative divergence. GLD slipping below $167 could be troublesome.