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Gold for Bears: Can Gold selloff like Oil did?

|Includes: SPDR Gold Trust ETF (GLD), GOLD

In my last prediction for gold I was trying to fit the "suckers rally" into the chart, considering that gold doesn't trade like oil and it can't selloff hard. Today, watching the weekly downtrend channel, the chart I almost forgot, I found that it is technically possible to selloff quickly into 430 area in about 4 months, like I was calling before. Actually, gold is even in worse position than oil, becaue gold's market is smaller than oil's market. 

Here are the channels:

Gold crash to 430


We have a double channel hit, when this happens, market goes into the other side of the channel. The other side of the channel is very far, the channel itself is composed in 2 subchannels (blue separator) and each of those has its own subchannel (dotted black separator). So, if the selloff is quick and strong the target can be reached in about 4 months.