GLD gold downtrend

Gold is in a defined downtrend as noted on this chart. Today in China, the inflation rate came in higher than expected and could have led to a sizable market rally, but instead it has only led to a reflex rally that is currently holding under the optimal resistance area at 161 where there are 11 days of "market memory" or supply in this downtrend. Until GLD climbs above that 161 level, then I would use a 162 stop and I think shorting with a target of 150-148 over the course of the next month. Technical Tim, April 9, 2012 11:41AM EST