There are many investors out there just happy owning gold and hoping for something good to happen to their investment. Of course if you have ton of extra money to park on 'long term' bet and if you are living in a country (e.g. India ) with depreciating currency against US Dollar then that might make sense. Because every decade or so, we are going to see parabolic spikes in Gold and silver besides your usual price appreciation due to currency devaluation.
But for others, who are good at technical trading and understands the fundamental argument about Gold , there is much more money to be made trading Gold rather than just stashing it.
Levels in Gold are very obvious and strategy is also very simple. Look at 1100, 1140, 1180, 1200, 1240, 1260, 1280, 1300, 1400, 1500 and you will be able to point very conspicuous support / resistance levels. Now depending upon from the direction Gold is approaching these levels, take a trade against those levels ! Of course you need little understanding of here because for example, during yesterday's rally, you just don't jump at 1300 and short Gold because there is 200 lying at 1314. So you need to spread your short closer to that. But these are very simple things for a technical trader and we don't need to spell out everything here.
So as usual, sticking with our short gold strategy, there is no surprise that we are short here and first target has already been reached at 1280 and now looking for 1260. But we will be wary of holding short amid Brexit though. Besides now it seems like Central banks are at the end of their wit and something is telling us that Gold want to fly to 1400 ! In that case, this might be the last short in 1100 / 1300 range and we are prepared to get long from 1260.