The bubbly 25-year-old from Bergamo clocked one minute, 39.22 seconds to take gold ahead of Norwegian Ragnhild Mowinckel, whose time of 1:39.31 won her a second silver after her second place in giant slalom last week.
"I'm just counting on some medical miracles to extend my career", said Vonn, who missed the 2014 Sochi Games with a knee injury. She also edged Vonn in March to win the only World Cup downhill contested on the hill.
Vonn's dream of becoming a double Olympic downhill champion was dashed when she crossed the line 0.47 seconds behind Goggia, who set a time of 1:39.22 when fifth out the gates.
The third and final training run of the women's downhill will take place Monday at 7 p.m. MT.
As she did before the super-G, she said, she plans to "absolutely give it everything I have", and with that, "I will be satisfied, no matter what".
Vonn clarified that she won't be discarding her skis right after the Games end. I was watching her on the sofa when she won in Vancouver and I wished one day just to race against her and perhaps I've not realised that I've got a downhill gold medal like her too.
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What VAR brings so far is confusion and absurdity and the FA need to sort this out and find a better way of implementing it. Meanwhile, what were those squiggly lines running across the pitch on TV screens? "You should all perform like that, too".
"I was really focused, I moved like a samurai", said Goggia, her head coach Massimo Rinaldi labelling her as "crazyhorse". In an even longer streak, she was the No. 1 women's skier in the downhill for eight years, from the 2007/2008 season to 2015/2016.
"But "m proud to be competing for my country, giving it all and proud to come away with a medal".
It was her first Olympic race since 2010, back when she won gold in the Downhill and the bronze in the Super-G. She dropped the super-G after weather compacted the 11-event Alpine schedule. Now she doesn't have to worry the invitation, perhaps a silver - or should that be bronze - lining to these Games.
Lindsey Vonn had just found out she will leave PyeongChang with a bronze medal in the women's downhill.
"I'm having a good time, that I'm enjoying being at the Olympics".
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They had previously trained at the Artic Edge Ice Arena in Canton, Mich. alongside Meryl Davis and Charlie White of the U.S. Meanwhile, Aussies Lucas Mata and David Mari recorded a personal best time in their third run at Alpenisa Sliding Centre.
Vonn, one of the most recognisable faces at the Olympics in South Korea, added: "I love what I do, I have so much fun going fast and pushing myself to the limit on downhill skis, there's nothing else I'd rather do".
She is 33, the oldest woman to ever win an Alpine medal at a Winter Games. She was later shown speaking into a walkie-talkie, ostensibly giving instructions to fellow American Alice McKennis, who had yet to complete her run.
"I came here ... with one goal: to beat Lindsey", Goggia said.
"I put my boots on and said, 'This can be my day, so let's make it, '" the newly minted gold medalist said.
Goggia and Vonn are close friends, sharing a mutual respect and openly describing themselves as "100 percent crazy" in their pursuit of downhill speed.
It's happened for a number of reasons: from the rise of freestyle skiing and snowboarding and the subsequent ability of those sports to claim funds, to losing skiers in their teens, to a flat out lack of results and talent.
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The corner did a good job on the cut, and Eubank had a much better fourth round, nailing Groves with a left and hard right. One right hand amid a blizzard of hooks landed flush on Groves' jaw and the champion was relieved to hear the bell.
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