The next move, up or down?

Ok, we've reached the $1600 mark i mentioned last week, and gold seems to be holding steady at this level. It's the psychological barrier, and resistance so many have talked about, yet the question is will profit taking start a trend downwards, or will monetary policies drive the value of gold up? In reality it's driving the value of paper currency down further...

The eurozone bandaid solutions are not enough to stabilize the debt crisis, and the US keeps printing greenbacks. Unless there's a drastic change in the monetary policies of these economic power(less) houses, we'll see a further 10-15% devaluation before the year is out. Translation: $1800 gold by year end.

In the meantime, Europe keeps patching, America keeps printing...