Gold has been down for a few days and it has corrected about 15%. I would not be surprised that gold down another $200-400 to 1200-1400. The Fed is under pressure not to do QE3. Germany is fiercely oppose any QE for European Central Bank. All these have create downward pressure to gold prices. But overall, paper currency has lost trust around the world and gold will find a bottom soon.
The market is very volatile over last month and influenced by every rumor and news from Europe. My feeling is the volatility will die down a bit and overall, the market is still in a downward trend. QQQ is relative expensive and energy is over sold.
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