I’m at the 5 min scale which is about as small as I can go. This is starting to look like an inverted zigzag which could be a wave 1-2. In other words, gold can’t blast to new record highs. At this scale, it will not take long because the action is much faster so it should only take a few days for this to produce a newer low.
I posted a group of futures contracts that took gold to December 2024, producing a $123 spread higher than the cash price. This is a huge spread and I checked again today and the spread has already compressed to $104. This spread should keep compressing once any decline in the gold price gets serious.
The experts say that as long as gold stays above $1400 it remains bullish but below that gold will be bearish. Good luck with that!
With cash oil and the December 2021 contract, oil is about $4-$5 lower than the cash price. This is very bearish for oil.
With gold, I will check the spread more often as I would expect it to keep compressing.