I am not that sure (about the rally in miners), they rallied as expected a week ago, but NEM which was suggested around $35, should probably be sold short term in the $38.5/39 area. I think that if the French turn down the EU constitution, the Euro may take a beating (if it is not already discounted) and gold have a short term swoon down maybe as low as $405/410, with NEM retesting (and I think, holding $34.5) the recent low. If the French ratify, the opposite may happen, the Euro having a short term bounce and Gold bouncing maybe as high a $425 (getting NEM to that bottom of the gap just under $39). After that, I think the economic realities of a stagnant Europe and a relatively strong US economy will continue to lend strength to the dollar getting gold to breach recent lows and challenging $400 (the same $405/10 as in the first scenario). For now, NEM , IMTO should just be a trade in the $35/$38.5 zone.
