Gold ETF (GLD) price made a quadruple high around 140 level. Unfortunately the price could not hold the high level and pulled back down to the low band of the uptrend channel.

If this week GLD fails to hold 137 level, price could fall back down to next major key area 135.80 to test the last breakout point.

135.80 is a decision point, which also is a central line for a broad sideway range move from 140 to 130. 

If the 135.80 level holds, 134.88 will become the stop loss for buying side.

If there is a drop below 135.80 and a close there, we should expect to move down further to the 132-131 range. In this case, the buyers should wait for that price.

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Gold ETF (GLD) Daily chart