The gold ETF (GLD) did penetrate the neckline of its head and shoulders formation but bounced back the next day. Another close below the 125.15 neckline (1291.70 cash gold) with some follow through does set up a measured move down to $112.75 and $1,1170, respectively. This looks like a textbook head and shoulders reversal. Keep it on your radar.
(click here if chart is not observable)