SPDR Gold Trust (NYSEARCA: GLD) A potential continuation of the downtrend in the downtrend channel as:   

1. The stock is currently trading in a downtrend channel and it broke down the previous support zone at 157-161 which is now acting as resistance when it faced rejection during the retest.
2. The Moving Average Convergence Divergence (MACD) technical indicator is displaying increasing bearish momentum which provides a bearish signal.
3. The price could reach the support zone at 136-143 where it meets the 61.8% Fibonacci retracement level at 142.92 using the swing high of 194.45 in August 2020 and swing low of 111.06 in August 2018 as points of reference. Using Elliot wave projections, the stock is currently on the 5^th wave down and the potential target is at 140.37 which is a 61.8% extension of the wave 1 from 193.30 to 176.69 and wave 3 from 186.10 to 158.03 combined measured against the wave 4 swing high at 167.98.

CHART LEGEND

Red box = Resistance zone

Green box = Support zone