There's the 52-week chart of GLD but all of the action takes place in the past two months above $160. You can see the massive double top and then the fall from grace all the way back to the 100 day moving average at right $160.
Massive, rounded, double tops like that can take years to break. I think that this is all manipulation and they are running out of steam. There was another change in the margin requirements that takes effect tomorrow.
The CME Group is raising the margins needed to trade Comex gold and silver futures are being increased by 21.5% and 15.6%, respectively, and the change will take effect after the close of business on Monday, the exchange said late Friday in a press release.
Keep in mind that the margin requirements will have no effect on long since they've been wiped out. But the margins are what allows traders to sell gold that they don't have and drive the price down. They did the same thing back in May. The more of these margin requirements get rained out of the system better the whole thing will be. With the Fed burning up the printing presses it won't be long until gold recovers from here.