I don't see a continuation on the weekly. The weekly setup is a huge double top formation, which looks pretty similar to copper from 2004-2008, before the 64% drop. You keep mentioning inflation but money supply and credit has fallen at the fastest rate since the onset of the great depression.
The world is deflating, and when in a deflationary cycle, dollars are needed to pay off debts. Holding some gold is fine, but why would China bet the house at 1000-2000 when they could buy more at 800 or 500?
You will maybe see the highs around 1030, maybe then hysteria will push it higher like it did with oil last year, but this will only happen if the double dip hasn't started.
If you look more closely at the prechter link which was posted on the first page of this post, you will see that excess liquidity means that all markets are the same market. It's a casino. Dollar down equals eur, gbp, aud, gold, commodities, oil up in linear fashion. Flight-to-risk/flight-to-quality.
The problem with that, as happened last year, when the 'nailed-on' China decouple play turned out to be nonsense, is you get an almighty crash across the board.
Also, IMO, Barrick Gold removing its hedges is not a bullish sign for me. It's a sign that they are going all-in HBOS style.
