I'm not a Gold investor so I don't care if I make money trading gold short or long, there will always be opportunity. But gold bugs should beware. Looking at the attached chart that goes back to 1975 you can see that gold failed to breakout when it hit resistance from both the downtrending channel as well as the failed 1982 and 1983 breakout highs near $1036. Yes, it could turn back around and breakout to new highs but if it doesn't it could see significantly lower prices for a while. If it DOES break out significantly above the $1030's to end the long term bear market trend the next rally could go to $1400 after a pause around $1175, and then a rally to resistance at $1600. JMO based on what I see.