Gold entered a secular (long term) bull market after basing...

Gold entered a secular (long term) bull market after basing around USD 280 /ozs in 2001 (I was there in NY, I saw it, traded it on CME, around the time of the "tech crash" ) after a 20 year bear , {itself being the collapse of the epic Hunt Bros. silver cornering /gold bubble of the late 70's culminating in the mania and subsequent crash of 1979 /1980. The Margin Call came and the BHunts were bankrupted.}.

Same was true in OZ at the time, old folks will remember, I know, I myself caught the falling knife, buying bullion in Collins St, Melb, when silver collapsed by half overnight from AUD 50 to AUD 25 / ozs (a bargain I said...so little did I know) and watched it fall over many years to $6 (and it still hasn't recovered to AUD 50 in 36 years since 1980 highs, not even to half that, at which I foolishly bought it: Eventually, it was sold at a huge loss....).

Since the next US gold price peak in 2011-2012, the current secular bull, one can say (I've said it here, long ago, so this whole Post is a rehash), gold then entered a (shorter term) cyclical bear market losing some 40% of its value. Counter cycle within longer term bull / bear. This is normal. Anyone can read up about secular and cyclical markets, and the Hunt Bros of TX, for that matter. (In passing, our old friend Deutsche was a player in that fiasco, too, as best I recall )

But gold still - extraordinarily - outperforming the S&P 500 in that time (since 2000). And is probably still outperforming it, despite it's (SP500) tripling since GFC trough level of 750 points in 2009.

Ever since the gold price run up commenced New Year the overriding question, for me anyway, is if this run up since New Year is a resumption of the 2000 secular bull (after the embedded counter cycle {bear}, or might the cyclical bear be reversing into a new secular bear market, with this runup a head fake...a brief respite?
FWIW, my guess is it's the former, but that guess is worth exactly what you paid for it. In the end, the Chart says it all. What I think, or worse, guess, is worth nothing.

The first chart is US Gold, MONTHLY, since 2001, and you can see more clearly what I am talking about.
Most here are, quite reasonably, just looking since the peaks of July 2011, subsequent 40% decline, and draw a trend line down, to see it we've broken that trend. (Some might start the trend line in 2013, but then you're not joining the highs.)
That is the second image, below, US Gold - WEEKLY, since 2011
Even in that (second) context, it's by no means certain that the runup this calendar year is a decisive trend reversal - I leave that to others to offer their own thoughts, and I'm sure many will, as many here are more experienced users of trend lines than I am.

None of which is to say that we have not seen a remarkable rise this year and profits made, and even more than that, people who bought say, EVN, NST in latter part 2014 saw those stocks rise, to new highs, even as USPOG continued to make new lows at end of 2015 , as distinct from the often mentioned WA fallen angels which still remain 90% off their highs, despite POGAUD still being very high (near, but down from 2011 levels).
This is a separate point, the distinction between the economic performance of individual companies, a microeconomic study, versus the macro analysis of gold price over 15 years.
XAUUSD - MONTHLY (from 2001) - Secular bull market, and subsequent cyclical bear


XAUUSD - WEEKLY - the fall from grace, from the highs and the possible {presumed?} return of the secular bull...Is the downtrend broken? Not so simple to answer.....of course if people want to think that it is (because that's what they want to believe), then it is....fine....but that is not Chart Analysis.