darn! The 1980 high is a long ways from here $450 ??? The recent gold rally and the miners rally was just so powerfu off of the bottom. Maybe it does not make a new low and just does a 100% retrace ? If all hell is breaking loose in Europe and the Euro collapses, one would safe a safe haven bid would provide a solid bid under gold regardless of what the US Dollar is doing.
If the Fed sees the US dollar in too strong a position they will print like there is no tomorrow to slam it down again and pay off all US debt.