1360 is within reach and here is why...

Using the Fibonacci analysis a good push to the 1360 point seems very likely. Why anyone would be selling, especially as a hedge against this crazy market is beyond me.
You have inflationary effects happening across the globe.

Oil, commodities busting out.
Currency outside the dollar is rising.
Interest rates, well we shall see.

In the meantime, Gold is a safe place to be.