Has Gold's Capitulation Reached Exhaustion?

The big question in the GLD is whether or not the capitulation in the gold market has reached exhaustion? If not, then we should expect another bout of intense weakness that presses the GLD beneath 57.91 on the way to a test of more important support along its 6-month trendline, now at 56.70.

If that breaks, then the GLD likely will plunge to test critical support at the June low of 55.05. All along during this very messy July-September period, my work has maintained that as long as the June lows remain intact, the intermediate-term trend in the GLD will remain bullish.

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