The two-week slide in the GLD from 66.42 continues into new reaction-low territory today at 61, and as of now my work still points lower, perhaps for a test of 60 in the upcoming hours.  The relatively constructive big picture will remain positive unless the July 24 low at 59.83 is violated.

Mike Paulenoff is a 26-year veteran of the financial markets and author of MPTrader.com, a real-time diary of his technical chart analysis and trading alerts on all major markets. For more of Mike Paulenoff, sign up for a free 15-Day trial to his MPTrader Diary by clicking here.