In an interview on CNBC today talking about gold. Even though I am bullish on the yellow metal on a longer term basis, I think it will be tough for gold to rally a lot more over the near-term.
The inverse correlation between gold & the dollar has been very strong for quite a while. The net short position in the dollar (and net long position in the euro) is very extreme. So the dollar will have a tough time falling in a meaningful way until those positions are worked-off (probably by year-end).
Once the dollar resumes its decline, then gold should rally once again. (BTW, I have made several great calls on gold this year. Turning bullish twice just before strong rallies...and suggesting investors to take profits just before gold took a breather...like I did in August.)