Futures reached an intraday high of $1807.70 before sinking back below $1800 (currently $1778). As long as prices stay below $1820, a top is becoming possible. To help promote a top, I’d like to see prices first close below $1770, but a breakdown below $1750 is needed to confirm.
GOLD DAILY TARGET: To support a decline to our proposed 6-month target ($1450 – $1550), gold needs to break decisively below $1660 in July or August.
Our Gold Cycle Indicator reached 441 and is within maximum topping. The conditions are ripe for a cycle top.