Observe how on 7th May the daily bar jumped to around $1.50 (arrowed cursor highlights it) (the day before England announced its intention to sell half its gold reserves - oddly enough), but this only moved the price back to the upper part of the down trend channel on our monthly chart. In other words, the good news announcement on the gold price only formed a lower top on the monthly chart. This is telling us something about market sentiment for gold over the longer term. (But sentiment can change quickly) If I was to buy NDY at all, it would have to be at the lower end of the monthly channel. Even then, why buy a stock trending down ? (A stock is never too low, to go lower, if the trend is down.) Watch the price action closely around $1 to $1.10, a key support level, if the trend is ever to change.

Sentiment on gold is negative until this chart starts heading up.