New York, Dec 6 (TradersHuddle.com) – Electronic trading and Asian stock markets are putting pressure to price of gold down another 1.54% this Sunday night.

The price of Gold tumbled last Friday after a better than expected unemployment number, resulting in a big spike in the Dollar and a big sell-off in Gold. Gold has greatly outperformed the S&P 500 since September and especially the last leg up that started in early November where the Spider Gold Trust ETF (NYSE:GLD) went off to the races.

The Spider Gold Trust or GLD has been the easy way to play the latest Gold rush that now is resulting costly for any investor that got at $1,200.

The trend in Gold has seen an increase momentum in its last leg up after a consolidation period during last October. The GLD after breaking above $104.75 on the news about India increasing its gold reserves it has not looked back moving all the way near $120. This is where the GLD felt toppy, as the short term chart pattern went parabolic, which usually result in a sharp sell-off.

By definition all breakouts need to retest the breakout level, therefore one would expect a pullback in Gold towards $104.75 would be a prime buying opportunity, if not at least we need to see a 50% retracement for investors to feel confident in getting back to this big asset bubble.