Let's wait until the FOMC press conference. If we don't hear anything concrete about a balance sheet reduction, it could be quite gold positive.
Lots of turbulence out there right now in the commodity space. Oil plunged more than 3% on what seemed to be a less bearish outlook than yesterday's API report.
TLT broke to a new high. It is suggesting good things ahead for gold. Let's see how it plays out. Certainly the weakness doesn't look all that transitory.
Today's miner swoon (and the gold pop that caused the gap-up) could have been engineered in order for the big guys to grab some quick bucks after the last few day's of miner rally.