Unfinished Business on the Downside for Gold

Once again the streetTRACKS Gold Shares (NYSE: GLD) has attempted an early session rally, but appears to have failed below key near-term resistance at 88.00 -- and has since reversed below 87.00 and now finds itself in an ominous near-term position. As for as my pattern and momentum work is concerned, the GLD still has unfinished business to the downside prior to the completion of the correction that started at the 1/15 high of 90.34. The optimal target zone for the current down-leg is below 85.50.