Gold is dropping right now because of the problems in europe and for no other reason. If Greece defaults, gold and other commodities will tank.

On a monthly chart the trendline back to 2005, gold could correct to around $1,000 an ounce and still be in an uptrend, however my belief is that is unlikely. There is strong support in the $1,500 range and also in the $1,200 range.

My bets are that if gold hits $1,500 then there will be a nice rally. Currently I am short gold just like H.