Today we finally got the long awaited breakout above $1400:

Gold_5-hour_5.30

While the path of least resistance continues to be higher over the near term, some significant challenges lie ahead later in the summer:

Gold Daily

Gold_Daily_5.30.2013

Gold Weekly

Gold_Weekly_5.30.2013

Gold bulls should enjoy the rally that is likely to last at least another couple of weeks, however, the considerable overhead resistance above $1500 likely means that the summer of 2013 will be best remembered for gold's range-bound trading between $1400 and $1500.