The momentum or speed of the up move would be closely tied to the US dollar, now at a precipice, having failed to attract any safety-conscious global capital as a result of the engineered turmoil in the middle east.
With no end in sight for the US Federal Reserve's legalized money-counterfeiting activities, global capital is now starting to flee the US dollars, even as the turmoil in the middle east and the threat of euro zone collapse intensifies, and running into real assets (commodities) such as gold, silver, crude oil, etc.
With the collapse of the US dollar, there is no limit as to how high gold price will go. But for now, my next upside target is $1,540, then $1,650, then $2,150 and higher.
The main event to watch for is the price action of the US dollar as it approaches and or break 72 - 74 key support level in the US dollar index.
