Two Potential Outcomes For GLD, Look at Spot Gold Move Earlier Today

Like I said on June 23 ($GLD at Very Important Support Level (Dec 2009 High/2010 Uptrend), GLD is testing ascending channel support and the December 2009 peak (now floor).  Two potential outcomes:

a) If GLD takes out $122.6 it could rally to $130
b) Below $119.5 could see a breakdown
c) none of this happens, trades sideways

Just saying, probably a decent place to hedge.  By the way look at the spot gold move earlier today (second chart: XAU/USD).  Thoughts?

$GLD (SPDR Gold Trust) -

Spot Gold (XAU/USD) -