Just read an article by Mark Hulbert (link here). Basically, the conclusion from a NBER study is that there are no fundamental drivers which justifies the short-term fluctuations in gold.
The popular linkages to gold as an inflation hedge (whether using official or shadow statistics), currency debasement, the threat of hyperinflation, money supply growth, etc. all don’t stand up to scrutiny.
And since fundamentals don’t work, what about technicals? The track record of short-term gold timers tracked by Hulbert found that only 8% managed to beat buy-and-hold over the last 5 years. Pretty surprising.
Despite all that, one trade that may be interesting to watch for as it develops is a potential long for gold / gold miners / silver.