intermediate term bearish.... maybe it goes down to $1000... LT very bullish. recently finished reading Death Of Money. good book.
chart courtesy of marketvolume.com Black bars - Gold spot index Gold bounced up when US dollar dropped down on 10/6/2014 Orange line - US dollar index - started to decline on October 6, 2014, the same days Gold bounced up. Green line - support level set 4 times in 07/26/2010, then in 06/28/2013 then in 12/19/2013 and the most recently in 10/3/2014 Red line - 50-day moving average - Gold is still below it but close to cross it. Pink Line - 120-day moving average - Gold is still below SBV Flow (Selling/buying volume flow), TSI (True Strength index) and SMI (Stochastic Momentum Index) are moving up.
Yesterday the GLD tested 50-day MA, yet, today it is down as US dollar moving up. Looks like the fate of the Gold greatly depends on the dollar at this time.
So it looks like exactly zero people got this right. GLD finished 2013 at 116 and finished 2014 at 113, so it closed within the 5% window of "going sideways," which nobody selected.
Which indicates how good the forecasters were. 2015 anybody ? The Russian sanction situation is unlikely to improve but could get worse. People are very stubborn and the leaderships of both East and West needs improving. Russia will try to offload more gold as their income sources dry up.