It seems, through some very quick, crude calculations, that a portion of the gold buyers and stock buyers are placing the same bets. The speculation of QE has driven the markets (and dropped them as seen yesterday) as well as the price of gold which could create a correlation within the two as speculators bet for or against the possibilities of QE3. This will cause the effect of gold behaving like a risk asset over the short term.
With the good news coming out of the US driving up markets that situation in Europe has largely gone ignored. The interest rate decision and the remarks from Mario Draghi could help to put the situation into perspective and push the markets down from their unrelenting rise. This will be a test of the resolve in the markets and its ability to continue the rally.
On Europe, it seems more likely that there will be a deflationary environment in the country; with the threat of inflation and austerity measures taking place. Growth in many key countries is starting to show signs of slowing and this will surely exacerbate the issue.