I've played gold both long and short (mostly long thankfully) but last week I did get burned one day when I thought it would dip after the sudden rise on QE tapering. The price action felt very different than earlier jolts and gold mercilessly melted up. Even in the face of rising yields, QE, equity sell off, the barbaric relic just doesn't care anymore.
This is a crazy volatile metal, but we're sitting below the cusp of the 100 DMA (1380) and I think shorts are going to be really nervous next week - soon as we cross this threshold, it's a green light. We're headed right into the seasonal buying time and fear is creeping back into markets, both of which are going to help this rally continue further.
Grats to the guys who bought the low. My portfolio is now 100% in gold/silver long. I suspect volatility in the next few weeks but I think the trend is up.