Watch the below video and consider your ruling, along with the reasoning, before opening the analysis.
The attacking player beats all defenders and is through on goal with only the goalkeeper to beat. The player attempts to chip the ball around the goalkeeper however, the goalkeeper is out of his box and deliberately uses his arm to block the ball. The goalkeeper has denied an obvious goal scoring opportunity by deliberately handling the ball outside his penalty area. The goalkeeper should receive a red card with a direct free kick awarded to the opposing team.