Is the Gold Uptrend Over?

This is a quick update following another day of drubbing for the precious metals. The uptrend I drew in my previous post has been broken although streetTRACKS Gold Shares (GLD) has remained above its 50 dma of $89.84. An optimist might argue that GLD is sitting at another more important trend line. Nonetheless, it's prudent to listen to the price action.If GLD closes below the 50 dma, it will be a good short given how gold trades.

One may argue that the negative COT positions presaged this decline. This is another indicator to pay attention to in the future!