Gold's technical target is $1550, according to the Aden Forecast. If Wall St. thinks gold's hit it, the next move is......down. NG is yawning, too. GRS chart has a gap to fill at $9.24. RBY chart has a gap to fill at $4.63. May is the worst month of the year to own gold as for monthly price performance.
Seems to me there are plenty of signs that gold will be down in May.
I still think RBY will touch $4.63 on or about 5/5 to close that gap.
I'm wondering if the inflation fears are outweighing the gold price moves... that the costs to produce the gold are going up exponentially vs. the smaller percentage gold gains. There's got to be some reason the gold miners are being ignored through these larger upward gold price spikes!!!
It depends on timing. If gold hits 1600 today, let's imagine it, then you are likely correct (re: 5.50). However, if gold will reach 1600 6 months from now, let's imagine it too, then RBY price will be already well above of 5.50 level, because market will take note, in due time, of company progress in increasing mineral resources and progressing to production stage.