What's interesting here is that the move down from Nov-9 to Nov-16 was on heavy volume which generally means heavy distribution. Institutions perhaps??? Now lets take a look at the move upward from Nov-16 to Dec-6. A rather big move however the volume was weak. Although the GLD chart is certainly bullish as well as the fundamentals. Since the Fed will continue pumping money into the economy which will keep the dollar lower Gold will continue to move up long term. However based on the recent activity the chart tells me a short term correction is the cards.