So, summing up, what should we expect going forward: Further choppy to downward price action into late next week.It's still possible that gold could trade as low as $1285 and back near its 50-day moving average before bottoming. This area has proven as support all year.
A renewed rally in August back to near, but likely not exceeding much, the highs of late June and early July. Something between $1370 and $1390. Talk will begin to spread that gold has seen a "double top".
Another tumble in mid-late September as the next front and delivery month (October) comes off the board, However, October is never a big volume or big "delivery" month. Instead, most of the action after August typically shifts into the December contract. Therefore, following the 2016 pattern, any dropoff in September should be more shallow than what we're seeing at present.
Then, finally, a breakout to new 2016 highs in October and November. This year-end rally should take gold all the way back to near the April 2013 manipulated breakdown level of $1525. Let's call it $1475-$1525.