It seems a little early for a low, but the next three days we could see the low (apprx. $1075.00 cash) and then back up. Plenty of built up energy in this move yet. We had a similar consolidation in November/December of 07 and it resolved to the upside. I don't have any reason to believe otherwise this time. Of course this is the market and anything could happen and you have to be ready for that.
The problem is producers are digging out record amount of gold from mines to take advantage of these prices. Lots of Mines that were not producing since gold was too low to make it a profitable venture.
Your GLD chart suggests to me that a significant pullback is due after a 50 pt. swing. Of course I could be dead wrong. I'm long SLV for the long term, btw.