Looks like week of Aug 10 will ensue the big sell off in gold (and probably also Bitcoin):
Do you know when the big sell off started the previous summer (from the 685$ high to 165$ bottom)? August 11th!
It made a nice double top 685$ and 665$ and the rest is history...
Will it repeat itself (315 and 305?)?
I think the market is in a different place technically... we really didn't get a high volume capitulation before the run to $600 last summer, so there was still excess supply waiting in the wings to bring the price down. Contrast that to the record high volume in January during the selloff to $166--that event alone was enough to make the market bullish for some time. And if you've been watching the tape, volume trailed off dramatically in May/June with multiple failed tests to the lows. If we could have sold off, it would have been then. That's enough to convince me that there aren't enough sellers to bring the price down very far, even if we fail to break $315 definitively.
I agree bassclef. We may or may not breach 300/315 in the next hours/days but the bear is over. The capitulation low in January was obvious to many on here and now after six months we have a very bullish technical picture appearing. Accumulation time may be coming to and end.