It is no secret that gold has not been the inflation hedge it was in the past. Looking at gold miners themselves there has been some real soft action. NEM is now 50% off most recent 52 week highs and since an ugly bearish WEEKLY engulfing candle the week ending 4/22 that lost 12.1% it has advanced just 6 weeks. AEM has held up a bit better just 36% off its annual peek and had a brief thrill after filling in a gap at the round 40 number on 9/1 from the 7/27 session, but that better hold if tested again. Taking a peek at the GLD daily chart one would see that the 158 area is crucial in holding as it is a pivot for a short in a bearish descending triangle pattern with a breakdown carrying a measured move to the 141 area. But the MONTHLY chart below has a different look a few handles from here if its rising 50 day SMA can hold. Since a bearish shooting star candle this March it has declined 5 consecutive months. Could be good risk/reward in the 155 area.