I happen to partly agree with zxcvbn, we are in a short term...

I happen to partly agree with zxcvbn, we are in a short term counter trend correction in stocks and gold has been weak because of it. I expect this to continue for a while longer, maybe 4 months. During this time gold should decrease somewhat, especially in AUD (which is all that matters to me as an aussie). Sure gold in the long term is going to record highs, but why cant people here read a chart? Look at ASX:GOLD and tell me it's not in a short term downtrend. Is everyone holding gold from its peak at $1550 or so? I sold all my ETF and some physical so I can buy back in lower, perhaps $1200 is the low, perhaps higher? Only time will tell.

USD gold was in a downtrend til the USD itself shed 5% and gold moved inversely, but that was the only reason for its rise. It's important to notice these things otherwise you will have poor entry/exit points into the gold market. We are also heading into a seasonally weak period. This lasts to about aug/sept. So all things being equal I expect gold to want to correct down a little for the short term, and this doesn't in anyway invalidate the long term uptrend it's in.