Historical US $ Index Price
Historical Crude Oil Price
Historical Gold Price
Historical Inflation Data

	Crude Oil	Gold	Dollar Index	Inflation
1980	97.68	850	89.55	13.58
2008	136.00	886	73.59	4.08

As you can see clearly here, if we match numbers with last high on Gold, Oil on monthly chart with dollar index, numbers don't match @ all. There is a clear unevenness in price: gold should be near 1500. But if we calculate same numbers from US Gov. Inflation data, gold should be near 700 & stronger dollar.

Since there is very low probability of US Dollar Index to reach in 90s from looking at US Economic data, I am going for 1500$ gold(bear on US$). Financials are still vulnerable in US, so ofcourse Fed is between hard & rock. But in scenario of Growth vs. Inflation, I am pretty sure Bernake will choose growth & not raise interest rate soon, but will just give hope to market by hawkish tone.

Current divergence in Oil vs. Gold is due to weaker Euro Zone data. Euro holds 57.6% of US Dollar Index & $x is highly correlated with Gold. But since Gold is an Inflation hedge, long term prediction is gold will break its high correlation with EUR/USD spot & will head higher. In this scenario, AUD/USD long & USD/CHF short will be good trades.