GLD has broken intermediate term trendline

GLD has been in an uptrend for two and a half years, but a couple of days ago it has broken through its up trendline that started in mid-March. The breakout was accompanied by higher-than-average volume. The most recent high off this trendline (H1) would suggest a drop to about 143.50.  The highest high off this trendline (H2) would instead suggest a drop to below 138.

The daily chart also shows a bearish divergence between price and MACD.

However, the price would have to drop to 141 this week, or to 142 next week, to touch the weekly long-term trendline. There is no MACD divergence in the weekly chart, suggesting that the long-term trend is bound to continue.

In light of all this, it is possible to see a drop to about 143, or a test of the long-term trendline, after which GLD would resume its upward trend.

In the very short term, GLD appears to be oversold.  RSI-5 and Slow Stochastics suggest a bounce may be about to take place.

To summarize:

1. Short-term: oversold, suggests to BUY before the bounce
2. Intermediate-term: broken up trendline, bearish divergences, suggest to SELL before the drop ends
3. Long-term: intact up trendline, price near trendline suggests a BUY