I think we're going to see a surprise run of dollar strength. Short term bill auctions are showing there is a hunger for collateral. I think this is because a globe awash in debt based in USD is chasing after said USD. Money supply is also falling as well as forward rates. This will be a short to medium term headwind for Gold.
Gold is a terrible short term inflation hedge but works beautifully over the longer run. This will continue to be the case. I'm firmly a gold goes up and dollar dies camp dweller. But inevitable does not mean imminent and the dollar still has some legs. It's going no where in the short to medium term but higher. Perhaps much higher.
I feel Gold goes around HKEX:1,550 or so before we see HKEX:2,100 +. Good luck!
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Hold on to your horses and don't look at the short term charts for this one. Pay attention to weekly / monthly.