Gold Unfinished on Downside

Just about any and every way I look at my spot gold and the SPDR Gold Shares (GLD) work, I conclude that both have unfinished business on the downside.

In terms of the GLD, all of the action off of the Sep 26 low at 154.19 represents a bearish consolidation-rest period, which when complete should resolve itself in a resumption of weakness that projects towards a test of its 200 DMA's in the vicinity of 150.00. After that I am expecting a powerful upside reversal.

That said, inability of the GLD to hold in and around 150 will argue for downside continuation towards 140-138.

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