As some here might remember, I was very bullish when GLD appeared to be breaking down in March and I stated that the move was nothing more than the completion of a move to downside fib targets and I pointed out that it was occuring in conjunction with a big fib turn window (time and price squaring out). That was in fact the ultimate low to date, but was tested through a double bottom. At the time of the second bottom I reiterated my bullishness based in large part on what I pointed out as an expected top in the USD as it had rallied to an upside projection, which was also the backside of a multiyear trend line.

Now, after a good rally in GLD, and straight line selloff in the dollar, that dynamic has completely unwound and strongly favors the USD rallying and a much tougher time ahead for GLD.