Short term (until 2016 September) Gold price action looks bullish, it is a buy above $1240, and profit taking around $1320.
Short/mid term (until 2017 January) $SPY looks bearish, with a top ardoun $212, and a bottom supported by FED balance sheet around $180.
FED Balance Sheet vs $SPY update:
$SPY price vs FED total assets since 2003 to 20160612