Gold to shoot even higher next few years.

Chart is showing a nice pennant pattern formed.

It is more likely to breakout and shoot higher ! However, there is also a possibility that it retraces slightly more before going higher.

Some may argue about the co-relation between equity and gold , i.e.. if one moves up, the other must moves down. That is not true as there are instances where both are moving up together (see pink arrow - where the whole of 2019 both gold and S&P 500 are moving higher)

IMO, co-relation is difficult to analyse as there are many variables that can affect this relationship. It is best to study each product chart in isolation and not draw too many into it for comparison, else we get lost in the analysis and complicate our decision making.