The outlook for gold depends primarily on the outlook for the U.S. dollar, so let’s look at chart of the dollar ETF. After declining for about two months from the March top, UUP rallied in May, but topped before it could reach the declining tops line. There has also been a short-term OBV reverse divergence, which is when OBV makes a higher top corresponding to a lower price top. This is a small volume blowoff, indicating that higher volume couldn’t move price higher. Also, the 20EMA topped below the 50EMA, and the PMO crossed down through its trigger line.