I expect one of two things to happen next, neither of them particularly bearish.  Scenario #1 calls for June Gold to fall just a bit more, to the 1251.00 Hidden Pivot support shown, then rally sharply to a new record high at 1336.30.  More likely in my estimation would be a test of the trendline, then a strong rally to the same number. If the latter scenario were to play out, with the futures touching the trendline by the middle of next week, the implied drop would be to around 1231.30, or 30 points. I may be able to sharpen the forecast a bit, depending on how minor abc-type rallies play out over the next several days.  Stay tuned to the chat room if you’re interested. _______ UPDATE (9:18 a.m. EDT): The futures are getting slammed again this morning and have been down as much as $30 overnight. Having crushed the 1251.00 pivot identified above, they are now a good bet to reach the trendline, which comes in today at around 1229.40 and has an upward slope of about 75 cents per day. _______ UPDATE (8:24 p.m.): The low of today’s decline was 1244.60, between the busted Hidden Pivot support and the trendline. Allowing for the trendline’s gentle upward slope, it will come in today at around 1229.40, give or take a couple of ticks.