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GLD Daily Chart 

Here is the channel I have been following on the GLD chart. We're nearing the bottom of the channel, as as well back to oversold levels on the daily chart. Could see a bottom anywhere between here and 117.50, when it reverses back up, will be a major buying opportunity, IMO, as even a move back up to the top of the channel could see a 10% rise in GLD, let alone a breakout higher out of this formation. We'll see. Need to see the buy reversal first.