Gold Miners (GDX) have been an excellent leading indicator with relatively close correlation to Gold itself. As shown in the comparison chart below, GDX was leading up until early April, and topped prior to GLD. Since then, GDX has been trending sharply lower. The gap between GDX and GLD performance is enormous, and suggests that the Gold bubble is about to pop with a crash.
I see the first major support for Gold around $1,300 with some consolidation in that area, and a final target for Gold near $1,250. In percentage terms, GDX declined equivalent to approximately $300 an ounce from the early April top to the mid-May bottom. Silver crashed in May.
GLD broke down out of a large triangle and is backtesting near the apex. Symmetry suggests an extreme decline is approaching.
Considering numerous facts, a Gold crash appears to be imminent.