No one can deny that GLD is a picture perfect bullish chart. After breaking out of a symmetrical triangle GLD rallied way past estimates and got overbought and extended. Profit taking is normal especially when it exceeds the upper channel.
GLD is showing a secondary buy point at the 50% retracement around $107.5. This is also close to the 50 day moving average and the rising support trendline.
I still believe GLD will continue to $1300 after we find support.