On this brutal day for commodities, the gold shares based ETF GLD fell over 4% to $104.25. With worries about job losses in the United States and sovereign debt, investors are fleeing risky assets for the safety of the U.S. dollar. This gold ETF broked major support of $105. The next important support level is $100, also its 200 day moving average. If GLD fails to hold at this level, the long term uptrend will be put into question. The last time GLD tested the 200 day moving average was back in the middle of April. If the 200 day moving average is broken, the next targets on the downside are $97 and $95. Resistance for GLD are $110.50, its 50 day moving average and $114. Since the rise in the price of bullion was mostly driven by speculators, a stronger US dollar is likely to increase the selling.