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SPDR Gold Shares ($GLD) remains in a clear downtrend after breaking down below the 50-day MA in September. Rather than bottoming out, $GLD looks poised to move to new 52-week lows soon with two lower swing highs already in place. A bounce to the 20 and 50-day MAs would present us with an ideal entry point on the short side. Note that the 20-day EMA has crossed back below the 50-day MA, and that all the major averages are now trending lower.

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