I believe the threat of reduced fiscal spending from US sequester is what is effecting gold price. Also, continued lack of bank lending keeps the money supply under control, so continuing recession keeps a damper on gold price.
Short of world peace, financial responsibility and a kumbaya moment, every other "event" I see should be bullish for gold.
I was never a gold bug but one cannot ignore the factors supporting the price. Just because the markets have gone up in a news vacuum is no reason to sell off. Actually, whatever seems to have happened to the saying "buy low sell high"
Read the following. It is definitely a limited focus on financial share prices, and a peculiar penchant for P&F charts that are percentage based price changes. If you notice what appear to be slanted perspectives you won’t be mislead.
“Possible Clearing Of The Economic/Financial Cloud Of Uncertainty” by Brian Bloom
Your browser will find it by putting the title in the Phrase portion of your browser and the author's name where individual words are placed.
Also believe that the mounting $1 trillion in student debt loans; which in my opinion, will be the financial equivalent of failed sub-prime mortgage backed securities, will be the next bursting bubble which will put gold back over the top again.