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All that (used to) glitters!

Just for fun , thought I'd look at a market I haven't traded for almost a year.
Now ,this does'nt include fridays action so keep that in mind. Cycle A TO B appears to be ending now ,and this seems to be confirmed by cycle B to C. If indeed the upside is temporarily ending, i wonder if the projection bar X will hold true? Opinions?
Gold I personally thing will go lower. but what do I know
Peter Schiff is calling for $2000 gold within 2 years, but who knows personally I think we go to $600 first. I remember a few weeks back when gold plunged due to Hedge Funds having to sell to raise cash. Whats going to happen when countries start selling their gold to raise cash?

On an unrelated note about a week ago I noticed the SPY down about $6.00 yet the S&P was up all day. There usually is like a 10 to 1 ratio between these two meaning if the S&P is up $10.00 the SPY is up $1.00. I was listening to CNBC but there was no explanation for the discrepancy. Anybody hear anything about it?
What is the value in gold these days? Is it being used more in industry than it was before? Where does most of the demand come from? (I know nothing of the gold market.)
Gold is definitely going lower- Simply we are in a deflationary mode
D.T, most of the demand nowadays, is in jewelry, particularly Asia. It's frequently used by larger investors as a hedge against inflation. some central banks use it as a hedge against there currency. Unfortunately, we are, in my opinion, in a deflationary environment where one would expect most fixed assets to decline (as is far more dangerous than inflation!) I'm not really very knowledgeable about gold, I just know what the chart tells me! A possible decline to the mid 600's
Peter Schiff is an extremely respected analyst, but I'll bet he thought oil would go to 200 also!
I think Gold goes to 640
Being a technical trader by nature, im not really up on the 'fundamental' aspects of gold, except that i believe this is (much like stocks) its seasonally strongest time of the year. I think recent central bank liquidations have contributed to its recent decline. Of course ,oil was supposed to have excellant fundementals (supply/demand) at its $147 peak, but look at whats happened since!
Looks like im the one that got the education, D.T! and an expensive one at that. It cost me 600 bucks on my option loss!...sigh...
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