This week, it will be all about the strength in the dollar. The debt talks will keep people wondering how the ceiling will be breached (as it has been already- justified by plundering public pensions, the question is if it will be officially so). This will mean that traders will remain skeptical of their respective investments, and will seek a safe haven. Gold has provided this immensely over the last few weeks, and although it is the safest trade in the long term, I think institutions will look to take some gains. The problem will lie with the euro. Europe is about to enter the house of pain now that Italia is on the chopping block.
Since the dollar will see a gain, it will be first silver and oil that take a hit. Silver will test $35-$36 in a few days, and oil $96. Gold will come down then, too, to its support of $1550, abouts. Equities will see Dow 12k. But this will only last a week or so, as the US will be the one to fall hardest.