GLD Analysis: Gold Breaks 395 on Low Volume, Gap Down Fade in PlSPDR Gold SharesBATS:GLDMTrades-TTSCONTEXT For the last 5-6 days, 400 has been the key level on GLD: - Long over 400 - Choppy between 395-400 - Bearish under 395 The market has now broken 395. For CFDs, search XAUUSD. For futures, GC1! KEY LEVELS - 400: key level - 395: breakdown level now being watched - Downside targets: 390, 385, 382 WHAT THE CHART SHOWS The break of 395 came with average volume much lower, less than 30%. Volume is not supporting the trend. For today's session, the setups on watch were a Gap Down Fade or a Gap Down Reversal long. The market did the Gap Down Fade. SCENARIOS Bullish case: If the market moves back over 395, I will flip my trades, with 400 and more as the target. Bearish case: On the short side, I will be much more careful, since volume is not supporting the trend. Targets: 390, 385 and 382. RISK NOTE Levels are reference points, not guarantees. Manage position size and risk accordingly. DISCLAIMER This is educational analysis, not financial advice or a trade signal. Do your own research and manage your own risk.