Gold Must Hold Support

Tuesday's high in the GLD gave all the appearances of a thrust out of a 9-week sideways, bullish consolidation area -- on the way to a test of the July high at 66.42. However, since then the price structure has done nothing other than plunge -- for three consecutive sessions -- across the prior sideways range to test a critical support zone between 60.50 and 59.80. Read more below.

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