gold, page-54042

Again, I must disagree with you.
The largest purchasers of gold, by far, are governments and central banks. These institutions are not prone to hysteria and are far more calculating than your post would suggest. Speculators can only make an impact via the derivatives market where they can leverage their comparatively smaller purchasing power. Of course that is perilous in that short term fluctuations can have severe consequences to those who play those positions.
There is absolutely no reason why those, who are big volume buyers would want to sell when the price of gold is going up. There is nothing magical about the $1560 - 1600 level which sounds very arbitrary to me.
I believe we will see an acceleration in the upwards price action in gold and it will easily pass your suggested upper top and probably by multiples.