Gold peaked shortly after the open of the US stock market but failed to crest $1400 and is now near the lows of the day at $1373. That suggests a slow loss of confidence and selling by the public via GLD.
You get a good sense of how strong a market is by the veracity of the bounce. In this case, the inability to rebound to the 38.2% retracement level (or even close) along with a lower high today than yesterday, points to further declines.
