A little perspective on the move in gold should go a long way.
The inverse head and shoulder pattern that developed from November to March hit it's ultimate target almost to the dime near $153 (on the GLD).
After the recent 6.5% correction the GLD found support at the rising 50 day moving average and the 61.8% Fibonacci retracement level. Our next price target from here is near the $157 mark.
And very close up note the tightening trading range where the GLD now broke out of to the upside.
Now we are still cautious on Gold and are not jumping back in on the long side nacked, but the charts do tell us that this might be a decent risk/reward entry here.