Dollar rebound and gold correction

The euro had a large sell-off due to weakening European fundamentals and dampening US rate cut expectations. Crude also had a large sell-off after inching above $119. Moreover, market sentiment has completely turned around with major players calling an end to the credit crisis. Under such pressure, gold sold off to below $900/oz and broke below a major trendline. I think gold will continue to sell-off to the 50-week MA, but prices should pick up again during the second half of this year. We have only seen the tip of the iceberg…so the best strategy right now is to patiently wait for the dip.