While I agree, if you notice, Spot Gold continues to meet stiff resistance at $830-$835 levels. The $ is showing signs of weakness with resistance seen at 86.40 whereas support seen at 84.70.

Gold, as a safe-haven asset, investors have chosen to retain their exposure to gold as a physical asset rather than maintain paper exposure which could provide a firmer base for gold to build price gains from, particularly if we see a continuation of the weaker dollar.

And we all know that if the christmas retail season turns out to be less than stellar, the dollar will further be pressured.

Lastly, with banks adding more liquidity to the market, the dollar could run into inflation (or hyper inflation) at any moment in the next six months