I'm not too keen on the risk on risk off sentiment where I've seen Gold spike up while the Dow or S&P shoot up the same day or week. Hence, I believe there's some other surrounding factors to be considered when we dive deep in Gold.
From the chart's technical analysis, I see a HUGE possibility of Gold retracing back down to the 50% Fibs level, where it also lies accurately with the montly 50% Fibs level too. That should be a good indication that its a very strong retracement level for the Gold and I would see this price dropping to at least 1533 level.OANDA:XAUUSD