As of early this AM, we have a trendline break on the hourly chart. Still none on the daily or monthly, but as we saw last week after a similar trendline break, this market is capable of cracking with little warning. This is a 1-month view of February gold futures. Last night’s high is the uncle point for the trade.
Source: Interactive Brokers
Gold is much more overbought than even at the March 2008 peak, when it first broke $1000:
Even hard-core gold bugs like Jim Grant and Gary Savage are backing off for now. The smart money bought gold years ago, and I bet a lot of big players are hedging or pruning positions.