most of the major swings in forex, happen when everyone is asleep at their desks. thanksgiving was the last one. Strong movements that happen out of the blue, may indicate continuation. gold is breaking out because the central banks talk tough, but they are worried about raising rates destroying the bond market. the BOJ is a prime example, sure they talk tough at times, but they need the low rates to underpin the dollar/yen cross to sustain profits of their exports. if the bond market backsup, then the housing blow will be even worse. So inflation is stated low, exporting nations are reporting weak economic data, interspersed with strong data, such as BOJ. This alleviates international pressure to some degree on BOJ to raise rates since evidence is lacking of a sustained recovery. The yen carry trade has funded lot of the speculative bubbles, and popping those is not what G7 wants to see, it will be 1920's style collapse. Notice how they refrained from making a statement on the yen. http://www.bloomberg.com/apps/news?pid=20601087&sid=al29wy72djiw&refer=home so Gold will keep going up, as bond markets are supported, as the liquidity chases instruments to be parked in. So USDJPY will continue its trend up to 125. Its a fragile moment globally, and the liquidity is masking it.
Dunno about gold breaking out... gold itself has been rising, but the gold stocks aren't moving much... GG still recovering from a pretty huge dump a few weeks ago. It's still $2 from that. So no, gold may be going up, but gold stocks are still down from a few weeks ago.