Gold slammed back lower

Since the reversal last Thursday, Gold has seen a fair bounce to the upside, but that came to an end with today's closing drop, with GLD -1.7% @ 150.75.  GLD/Gold is now just $25 from taking out the critical low from Dec'2011 of 148.27.


GLD, daily

GLD, weekly2, rainbow

Summary

The current action in gold does not bode well for the late spring, and into the summer.

The primary trend remains strongly downward, and each bounce is being sold into.
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A secondary minor bounce wave is still possible, but I do NOT see GLD - or SLV for that matter, breaking above declining trend resistance.

I expect the key lows to be taken out...and significant declines to occur into the summer.