The only fundamental indicator for the precious metal is that gold is real money. Dot. The value of gold lies in its use as money. While gold is real money, the US dollar and all fiat currencies are substitutes for real money, i.e. gold. Accordingly, there is only one reason why the value of a precious metal in dollars increases over time. The higher price of gold over time reflects the loss in purchasing power of the US dollar that has already occurred.
If investors and others who think they know so much about gold understood this fact, they would stop talking about gold rising in anticipation of a potential dollar crash. In other words, the price of gold will never exceed the cumulative impact of inflation. This means that the increase in the price of gold will be offset by the actual loss of purchasing power of the dollar.