Gold Channel continues

Proceeding a quick retracement off the top channel line, GLD is again tapping the lower channel line with 100 acting as a near term magnet. Price has been trading in this downward channel for over 2 years, technical buying is expected around the 100 level. The 113 level, shown as the red horizontal line on the chart is the approximate 50% retracement level of the large up trend from 2005 to the September 2011 peak.