GOLD GLD XAU - Monthly Chart - worst case scenario for bulls!

OANDA:XAUUSD   Gold Spot / U.S. Dollar
I'm bullish on gold long term, so here's some high time frame analysis while Peter Schiff rattles off on Bitcoin again.

Bullish scenario - Price pumps up to 1600 and then finds support on 1575 (price has to close above 1575)
Bearish target - momentum and volume slows down bringing price to supports at 1425 and even as low as 1330. Excitement will increase at the discount and buyers will take charge again.
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