The first chart below is a 10-year weekly chart of GLD (gold ETF) showing illustrating the scenario that would have gold prices temporarily breaking below the mid & late 2013 lows before reversing. Such a move could serve as a powerful, stop-clearing, short-selling bear-trap, providing the necessary fuel to finally take out the three previous reaction highs put in over the last year or so. If this were to be the case, that might take GLD down to about the 110ish area, about 6% or so below current levels. Of course that is just one of many possibilities and I would continue to put nearly equal odds that gold reverses just shy of the 114.50ish double-bottom lows from last year. Zooming down to the 60 minute time frame, GLD continues to drift lower within this falling wedge pattern with bullish divergences still in place. The recent volume surge may indicate seller capitulation. A solid break & close above the wedge would an early sign of a possible trend reversal.