In recent weeks the Dow Jones World Index had it's worst decline since 2002.
On the same page the VIX reached the highest point since 2003.
Given recent moves in major currencies (EURJPY 169 – 149, GBPJPY 251-219) gold have been as stable as one can expect from a major independent private currency. This is very encouraging to say the least. Odds still favors higher gold rates more then lower USD index.
Gold daily chart annotated with wave count
Same 1-2 extending
Silver daily chart annotated with Elliott wave count
Retraced September 2006 – February 2007 secondary advance