i am calling a bottom, page-36

The US dollar index is the chart to watch. Gold is unlikely to recover until it starts going down again, unless, of course, Bush starts nuking the Persians and/or Arabs (a low probability of that, I'd say). The USD has stalled at the 20 day moving average in 5 of the last 6 retracements, so the odds are good that it has maybe only another 100 basis points or so to rise. Which means some short-term pain for gold, or at best a sideways consolidation. Maybe a spike down into the low 800s would get all the technicals in shape for a good rally later in the month.