So, we did indeed hit $1800. Then, we dropped sharply, such that this chart strongly suggests we have several months of correction and consolidation ahead (see three black circles).
There are other good reasons to expect a sharp sell-off here as well. For one thing, the open interest fell drastically yesterday, and rose sharply today, indicating that the weak-handed shorts were helicoptered to the ER and replaced by the strong-handed bullion banks.
Another reason to expect a sell-off here is that silver couldn't make it past the blue trend line (see here for background):
It found support at $37 (see upper horizontal line), which may continue to be support, but if broken, a drop back to $33-$35 looks likely. (Which, if Wynter Benton is to be believed, will trigger the Apocalypse, so be sure to have your canned soup fortifications in place.)
All this notwithstanding, there are some signs that we haven't seen the end of this run. First, the obvious thing usually doesn't happen, and a decline here (especially to $1680) seems so damn obvious. Then, I suspect that this recent run-up scared a lot of erstwhile gold skeptics off the fence (Yes, Virginia, there are venal asshats behind the curtain!), but they didn't want to get chumped by entering the market at a historic top. So, a lot of people waiting to convert some of their bennybucks to real money, such that if we do fall below $1700, there will probably be strong buying at every step of the slow staircase pattern that took us to $1700.
Then, gold in other currencies still has room to climb. Check out gold in euros, for example, which fell today too:
Or gold in swiss francs, which is hardly overbought (note the RSI still at 63 and the 5% 20-day EMA envelopes not yet broken). Even more bullish, it looks to have just busted out of a pennant formation.
Therefore, perhaps a good hedge might be betting on dollar strength (e.g. the dollar bull ETF, UUP) [Note, this is not investment advice: I'm a licensed punter]. The following two ratio charts that I've been looking at seem poised to test the blue trend lines again, and a rising dollar could in theory do most of the legwork.