Gold after forming a triangle in April and May broke down.Now is moving towards 1265$ although with low volume. In order for the bulls to remain valid the IHS scenario they need to see higher volumes. The April May triangle is probably a continuation pattern and it gives a target for gold at 1200$ where it should bounce.
So a possible pathway for gold:
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Probably gold is now forming a falling wedge and should bottom in mid July(cycle low) at ~1200$
If this scenario plays out then Gold is in a long term trading zone between 1200 and 1400$
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Gold Miners (GDX) are following a similar pattern. GDX is moving (with declining volume) towards 23 ( gap from 27/5) and then move towards 20,5 in early July (it will bottom earlier than gold just like December 2013).
.png)
So a possible pathway for gold:
Probably gold is now forming a falling wedge and should bottom in mid July(cycle low) at ~1200$
If this scenario plays out then Gold is in a long term trading zone between 1200 and 1400$
Gold Miners (GDX) are following a similar pattern. GDX is moving (with declining volume) towards 23 ( gap from 27/5) and then move towards 20,5 in early July (it will bottom earlier than gold just like December 2013).
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