There is a high probability that gold's long-term cycle bottom is still forming. This cycle has a length of approximately 20 years. While it is still possible the bottom happened in late 2015 with gold's low of $1050, this year's downtrend in precious metal prices is suggesting that prices could go significantly lower with a final bottom expected around 2023 - 2024 well below $1050.
Two price levels to watch are $1125 and $1050. A close below $1125 would be very bearish, and a close below $1050 would confirm the idea of a cycle bottom most likely below $1000 in 2023 - 2024. If gold can stay above $1125 and start a strong rally soon, however, we may go back to the bullish labeling of a new long-term cycle starting in 2015.
Please note that should gold prices bottom in 2023 -2024, that will be an excellent buy spot for long-term investors so "gold bugs" have something to look forward to sooner or later (but right now it looks like it could be "later").
Also note that we will continue to trade short-term cycles in both gold and silver even if the long-term cycle ends up bottoming in 2023 - 2024, and that will include going long for rallies and selling short corrections.
I have posted this update on the Home Page (in green) for future reference.