It has now been 78 weeks since gold reached a new all-time high price. The correction of 2006 took 71 weeks. The correction in 2008 took 77 weeks.
This chart courtesy Goldmoney.com shows the current long vs short positions among hedge funds. Here are the comments that came with the chart: Managed money (ie hedge funds) is short of 47,357 gold contracts, a record, and can be seen as the red line in the chart below. There are 45 funds short – well over twice the average and very close to the record of 48. Furthermore, their net long position (green line) is close to all-time lows. Interestingly, the last time managed funds held record shorts was in May 2012, when gold bottomed out at $1,540 before rallying to the $1,800 October high