More downside move expected on GOLD

FOREXCOM:XAUUSD   Gold Spot / U.S. Dollar
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The Bank of International Settlement NSFR rules go into effect for European banks at the end of June. Bullion banks are shorting and then covering. That is why the price sharply falls and immediately pops up. Gold follows multi-year cycles. Look at the cup-and-handle formation over the past decade. This is the second time it has occurred in the past 30 years. You have no clue how the gold market works. Can't you even recognize the bounce when short sellers buy to cover and the price bounces back up?
I agree with your technical outlook!