Lets put up one more gold chart. This time I have a current candle chart of gold. Its a 25 year view using monthly price bars and we are using Gartley Extensions to try and derive where the price will top-out based on price history to date. This is a well used formula and the method has been validated by technical people everywhere with productive results. Sometimes, the target prices are hit within pennies of the estimates. So the validity of the method is not in question although its fair to say there are times when the actual price overshoots and other times when it fails to reach the target highs.

So here you have gold and it is evident that the target line is at 2709.60 which means we are currently within just 309 dollars of the final top on this cycle before price turns around and corrects. You may argue with this method all day long and come up with any excuse why it will be wrong. But it will beat you almost every time.

Gold is nearing a major 25 year top. It is going to break down once it gets there unless it can decisively breech that 2709 line and prove its going higher. It can do so by posting a monthly candle with both the opening and closing price above the line. Lets see what happens next. In the meantime, I will warn you once more that you are just gambling by trying to speculate on prices exceeding the target on a long term basis.

But do as you please. Its no care of mine what you do with your own money!