Nothing could be truer than the fact that nobody knows what lies ahead for gold, especially in the ST. Conjecture can be of interest for posing scenarios but one simply can't afford to be married to investment themes in the market these days.
One thing I find interesting (maybe even instructive) with respect to gold is that normally in a strong downtrend, market players look for any excuse to sell the asset down lower. The rumours of Russia considering selling reserves on-market has had a fairly muted response from the market, which just makes me question whether we've seeing exhaustion in terms of selling - at least in the ST.
On the other hand, the POG chart shows a bearish rising wedge formation, so I think gold will need to push ahead soon if it's to avoid breaking down and testing $1150. Jako has posted a good chart on the XSO forum, which shows it currently in No-Man's Land.
