GLD potential break down

We could be experiencing a break down on GLD based on capital outflows, going into riskier markets. If this larger time frame range break down holds, and we get continuation lower on downside momentum, we get a measured move target of May's low. Will be watching to see if the breakdown is a bear trap first. If it is not a bear trap, I will buy OTM Jan 26 puts. Targeting May's low