As for Elliott Wave - hey, look at my monthly chart of gold below ... What if it's actually about to go in a huge third wave up?! Well I'll leave wave counting to Tony Caldaro with his Objective Elliott Wave. But I'll remind you that he's bullish gold! Gold did bobble nicely at my Fibonacci level around $1220 area. But now it looks like it wants higher, so that Fib level isn't resistance anymore.
There are fundamental reasons too. Here's one new interesting article about this: Prelude To Meltdown: An Interview With Bert Dohmen | Clif Droke | Safehaven.com (9/2/2010) at http://www.safehaven.com/article/18053/prelude-to-meltdown-an-interview-with-bert-dohmen
Okay, read that interview fully because they talk about bonds and gold too. Including reasons why both should continue up. And here are a few of my charts: