Bearish?

I'm not sure that the break in gold today represents as much as some have implied.  I am looking at the chart for GLD (might as well, since paper gold has been the driver lately), and mostly what I see is a gap up on April 24th (see yellow arrow on the chart below) getting closed.  And then, since this morning, the price action clawing its way back towards and above the $1436/$1439 levels that have been identified as important.

So, what are we left with if I am to be believed?  First off, there is now a gap down that needs to be closed.  But, of more interest, over the past month we can see the makings of an ascending triangle -- a bullish phenomenon.  As with most things, only time will tell.  In this case, the next few weeks.

 

 

Update (4:46 pm): With about 30 minutes to go until the spot market closes for the week, we are above the Maginot line, with prices hovering around $1,447 after going as low as $1,418 today.