Chart of the Day – Gold and the Dollar

While I’m expecting some kind of pullback at the $1390-$1400 level, I don’t think gold’s intermediate cycle will top until at least retracing the 50% Fibonacci level and probably back to $1550 by September. This will almost certainly be driven by an aggressive moved down in the US Dollar as it really starts to accelerate into the next 3 year cycle low due sometime net summer or fall.

This post was published at GoldSeek on 11 July 2016.