We've rung the bell at $600 and now we're perhaps ready to consolidate before we consider higher price levels.
There is a very strong consensus that gold will continue its trend higher this year and that, in itself, is a warning sign.
Profit-taking was the most widely employed term for what (happened Friday), but we see the potential for this simple turn to develop into a much more substantial decline, as the fundamentals behind the push higher were not all that strong to begin with.
A Bush status quo results in somewhat higher oil prices both in the short and the longer term in my view,
The laws of economics still apply and higher prices call forth more supply while dampening demand. The long view of the market's history, filled with booms and busts, is on our side.