Hourly Gold Boxes

I think that gold made an important low on May 31 at 412.00 in the June contract. Above you will see an hourly chart of the August contract. I’ve drawn in the boxes which I currently estimate will be $13.70 high. August gold has reacted to the ½ point of the first box and the next step up in its staircase should be to the ½ point of the second box at 436.40. I think gold is headed over 500 this year.