Gold is really starting to get oversold here. Indicators are starting to reach their lower bounds as the RSI and MACD are plumbing long-term lows. The June low of $1,240/oz should act as decent support for the time being. I certainly expect a bounce from here, even if it's only a dead cat temporary bounce to relieve some of the oversold levels. Longer term, it's all about that $1,180 low from December 2013. If gold falls below $1,240 on a closing basis, then I expect to that December low tested.
The only thing I've annotated on this two year daily chart is the low of $18.36 from July 2013. I expect the powers that be to make a run at this level to flush out any remaining bulls. Silver has seen HUGE support around the $18.70 level so we'll see if that continues to play out. Remember, the average cost to pull an ounce of silver out of the ground is $18-$19. If the price continues to drop, many miners are going to stop mining. It will literally be cheaper for companies to simply buy silver in the open market than it would to mine it. And since silver is an industrial metal first and foremost, then any available physical metal is going to be consumed, never to be seen again.