Based on the chart, gold is still in a downtrend and has yet to prove itself. We need to break the pink line to get out of this downtrend, then the blue trend line is the next stop. The next stop is Bernanke's meeting this Thursday.
Update Wed June 7: Today gold touched the pink downtrend line and went back down. Gold is in a downtrend but I think there is a good chance it will break the pink downtrend line, running up to the June FOMC meeting.
Disclosure: I am currently long $IAU.