Chart courtesy of StockCharts.com.
Additional data indicates a decline in gold is expected after reaching the 61.8% retracement level shown in the weekly chart above. This is based on calculations showing: 1) Commercial Traders positioning for a decline, 2) Non-Commercial Traders accumulating significant long positions as well as their sentiment that gold prices will continue much higher, and 3) the position of gold against its current relative value with the U.S. Dollar. This also aligns with the post on May 22, 2021 noting that the Dollar is being positioned for a move higher in 2021.