Gold by way of GLD ETF

gld dec 2011 lgld dec 2011 s

Despite a drop of roughly $400 for the stuff itself, from a little over $1900 to almost $1500 (the charts do not necessarily show this, as they are weekly), the direction of gold from here remains unclear. In the short-term chart there is A-B-C pattern that could stop right here on the lower channel line. If it does we go up, if it does not we will go a lot lower, it is that simple. The trend line is just under $150.