Much of the rise in gold has been due to dollar problems, but even a long term down trend, (if that is the case) has waves up /bounces.

Further, if gold is really functioning as an alternative reserve currency, it has to act like it. On that basis its worth looking at the monthly chart for the euro. Stockcharts symbol $XEU. The second leg looks as though it might be drawing to a major high over the next month or two, (assuming its an abc wave and not part of 5), and the current leg is sliding towards the support line of the uptrend channel.

Gold rising along with the USD, and a downtrending euro makes sense to me. At some point other currencies will have to devalue because of trade imbalances.

Swink has a monthly stockchart chart of the euro going back to 2000 if you have any problems, but it isnt drawn as such.