Anything's possible, but I think the chances are low. It would only happen if the powers that be have one more trick up their sleeves. Gold and the market held up real well on Friday despite the China tightening news. Investors bought the down gap. If you haven't already, check out Merv Burak's assessment (posted by IvanB a few posts earlier). I agree completely with Merv (as I do most of the time).

Gold and gold stocks have yet to break the downtrend line from Dec. Simple as they are, I consider trendlines as the most important technical tool, so we don't have confirmation of a bottom yet. That said, the daily MACD says buy, so if it tells the truth, we go higher and could get the downtrend break this week. I agree with you - the bottom is probably in, at least short-term.