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Gold for Bears: Panic Crash in Gold

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

This is an update for Long Term Bear Market in Gold
I am going to make a call for Panic Crash in Gold by the end of the Year. This will take place only if we  break below 1060 level which will be tested very soon in coming months. If we break it, then keep reading:



Current situation:
We have a monthly rising wedge which is bearish. Current month is headed to close down. This , on completion will look like a long term sell signal in gold with minimum target to at least 6 months.
Now, we have an uptrend line, which is 5 year old, this trendline is likely to be broken by the end of the year by a wave of "Panic Selling"

Here is how i think it will look like on this Yearly Candlestich Chart:


This market move would offer traders to make good money on all waves. It would also fool many people that this is another type of Gold 'regular' corrections and a lot of gold bugs would buy more gold or add to their already losing positions and this is why i am expecting it to rise quickly from 700 to 1040 as retest of broken uptend line.



Disclosure: No positions in gold at this time because of very weak downtrend, but planning to start shorting after volatility increases