Gold sentiment has certainly turned around in recent weeks. The market had been very bearish, but that was before gold rose more than 20 percent from its lows—a development that had bulls chirping that gold's "bull market" is back.
But as we see gold futures oscillate around $1,400, gold now resembles Humpty Dumpty—and it is imperative that it lands on the right side of this psychological "wall" in order to maintain momentum.
The Syrian situation should prove supportive of gold, but only because the idea that gold is a safe haven has regained traction among investors.
Gold bulls shouldn't get too confident, because gold could lose that "flight to quality" feeling again.
(Read more: Gold will face a rocky week; here's why)