tsk..tsk..Gold, you do not fool me

Gold looks to be breaking down this morning. I've been waiting for this pullback once Gold reached its all-time highs.

But the secret to playing this break down is not to short it right away. Rather, wait for the retrace and bear pattern to develop (the pattern should develop at the hit of the daily 20-MA) then short it. Gold's downside target will then be the 50-MA.

**If the GLD trades back into $118.42 a larger down move may be in play