Gold appears to be the most overbought in 2 years

For at last the short term, Gold as represented by the SPDR Gold Shares ETF trading symbol GLD appears to be overbought.  Even when you look at the 5 year chart it is just about as overbought as possible. 

There is this report that Billionaire investor John Paulson (known as the "other" Paulson) is taking long positions in mining companies and the metal.  This in addition to recent positions in several large banking stocks.  Click here for the video.  This is the investor who actually started placing investments against the housing market in 2006 and made about $20 billion for his hedge fund.  He personally profited about $6 billion to his benefit.

If there is a short-term correction, I would expect support to be around $108 at the time of this post.

Disclaimer:  I hold a small position where I would benefit from a lower price of Gold.