One of the reasons that I feel Gold may be topping out here is that Gold, Oil and many other commodities topped in 2008 after $SPX topped in late 2007. According to my theory, we are "unwinding" that cycle now. Gold, Oil and many commodities should top first, before $SPX, this time. That would indicate a sharp decline in the near term for Gold, with a major lower high forming for Gold as $SPX completes it's final top later this year.
I plan to show more detail on some of the Gold cycles in the near future.
Example of an expanding triangle ending diagonal top: