Lets look at the near term outlook
GLD, weekly, 2yr
From the above chart, you can clearly see the long term 4 year trend remains intact..just. Yet clearly, we're on the edge of a major channel break. Arguably, a move below $1550, would likely mean Gold has a real chance of reaching as low as $1200 later this year. The other two support levels would likely only be reached in a severe deflationary scenario - and right now, that seems near impossible considering the continued QE/money printing from the central banks
Gold, monthly, 20yr historic
The long term trend for Gold remains truly amazing. Even a drop to the $1200 level - as noted in the first chart, would NOT violate the long term channel that Gold is in. Its a pretty remarkable decade long bull run, and currently...unless we break $1200, the outlook is still very positive.
Good wishes