$GLD has been in a "NoGo" trend since mid May.
However, we have noted that it had been able to find support at the horizontal level drawn on the chart. This week that is no longer true. That level failed to hold as support and price has broken below. We were watching GoNoGo Oscillator to see if the zero line would offer resistance as it has for several weeks and it did just that. This told us that momentum was resurgent in the direction of the "NoGo" trend, giving price the push it needed to move through support. A measured move target sends price down to the prior low we see on the chart, around $168 for $GLD.