$GLD — Sep 11 closeSPDR Gold SharesBATS:GLDMTrades-TTSGLD — Sep 11 close This one is worth paying attention to. Two red candles in a row — one on a down day, one on an up day — both with increasing volume. Buyers are trying their best to lift this market and something is going on underneath. Today shows it clearly. Gapped up to 403.65 on the print, then got sold all day to close 398.77, right near the low and back under 400. Volume rose again. Effort with no result — that's supply meeting every rally. Fundamentally, CPI m/m came in hot, and the market went up and then straight back down. It tricked players on both sides. GLD closed below the 400 psych level. Below here the ladder is 390, 385, 380. But here's what's interesting, and it cuts the other way. On the weekly, we have two Tests sitting right on the 34/50 cloud (@ripster47 EMA cloud) — and this week printed above-average volume with a below-average range, closing off the low. Heavy volume that produces almost no movement means someone is absorbing the selling. So the daily says supply is capping rallies. The weekly says something is buying this level. That's why price is stuck. The line settling it is 395.51 — the weekly 34/50 and the Stopping Volume low together. It has not broken on a close. Today's low was 398.14, a higher low. 400 is the key and this is the pivot. Lose 395.51 on a close and the 390/385/380 ladder is live. Hold it and reclaim the 5-12 cloud (@ripster47 EMA cloud) and the weekly absorption wins. One more thing to keep in mind — if we get a ceasefire between Iran and the US, that cools gold fast. Watch the headlines as much as the chart. Trigger down: close under 395.51. Trigger up: 5-12 Curl.