Gold More Overbought Than the 1980 Upside Panic

Pretty much there

Momentum in gold is beyond impressive. As we have been pointing out for weeks now, the current break out has a lot of similarities to the break out we saw earlier this year. That move saw gold gain some 28% before we paused. Apply the same "logic" to the current move and we are looking for gold to reach around $4250/4300. It would be almost too perfect, as we would hit the upper part of the trend line.