GLD has been keeping us on edge Friday. A normal wave relationship is where wave [5] = wave [1] at 160.28, or some Fibonacci value of wave [1]. Wave [5] has already made a 61.8% relationship and appears finished as I write.

The most critical resistance is the 50-day moving average at 157.80. A close below that number would tell us that the 50-day resistance is holding. Better yet, a close beneath Intermediate-term trend support/resistance and hourly Cycle Top support/resistance at 156.56 would give reassurance that the rally is over and the decline is underway again. I am certain that short interest was quite strong until today. This rally was meant to eliminate the weak hands and reduce downside liabilities for the Street.

Regards,

Tony

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