Should mention, I use the GLD as a forward indicator. It's a good proxy for West demand. There have been huge inflows 3 of last 4 days. Yesterday was flat. Today should be interesting. Another 13MT inflow could get a physical squeeze going on, which has always been a vulnerability of gold. Usually, the East (i.e. India) sells into strength, but they are also buying too. It's a perfect storm to 5k gold.
In the past, the Central Banks would come to the rescue and suppress gold, but I don't think they will do that this time, otherwise they leave themselves vulnerable to Russia/China's plan for gold backed currency