Gold nearing Support area

Gold, represented here by GLD, breaks down to a new 52 week low and nears a major congestion zone around 100. This is an important price zone because there was resistance at 100 and support will likely show up here as well. GLD first touched the 100 level in March 2008 when it peaked at 100.44 before price was slammed lower. Then a year later in February 2009 another intermediate peak formed at 98.99 with a similar outcome. It was October 2009 before GLD was able to sustain price above 100, after which it trended for almost 2 years before the November 2011 price climax.

Here we are again near 100, technically and psychologically an important level, expect a large battle.