Is Gold ETF (GLD) Heading Down to Test Weekly Support Line?

The following weekly closing price chart shows that gold ETF (GLD) has been moving down within a gently falling wedge pattern since about April 2013.  GLD has struggled of late and has not come close to testing the top of the wedge.

Now it appears that GLD may be about to test weekly support again shortly if it keeps declining in price. 

If support is tested, will it hold (possibly a buying opportunity) or lead to even lower prices?  It is possible that a support break could trigger even more selling pressure.  But no one can predict the future. Time will tell - we will see what happens in the near future.

I am interested in owning gold as a long-term investment. But I will wait until it appears a bottom may be in place and it is possible establish a position using a sound buy and protect strategy based on technical analysis.

Click Chart to Enlarge

A more detailed view:

Click Chart to Enlarge

 

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The author/publisher has no position in Gold at the time this article was written.