Gold exchange traded funds rallied this month, but the precious metal is starting to look tarnished as the market moves back below its short-term trend line.

Gold prices are falling for the third consecutive day, with the SPDR Gold Shares (NYSEArca: GLD), iShares Gold Trust (NYSEArca: IAU) and ETFS Physical Swiss Gold Shares (NYSEArca: SGOL) down about 1.1% Wednesday. The selling pressure on Wednesday also sent the three gold ETFs back below their 50-day simple moving average.

With bullion prices unable to maintain their momentum, some gold watchers are advising investors to trim holdings.

“If you have any profits on this counter-trend move, I would take them and you can sell gold, as this downtrend has resumed in earnest,” Rich Ross of Evercore ISI said on CNBC.

Ross argues that gold is flashing a bearish signal after the metal was unable to break above its 100-day moving average.

“The inability to get back above that 100 day is a key failure that’s left gold vulnerable to further decline,” Ross added.

GLD was trading 0.8% below its 50-day moving average and 3.4% below its 100-day average Wednesday.