Well for the last decade, anyways!
Chart below is a weekly chart of GLD and DXY.
As shown below powerful moves in the USD (DXY) do not send gold crashing. The USD looks like it is completing a A-B-C correction. Once the C is done, and the DXY falls, gold will do well. How much longer for the DXY? The strong rally may last 3 to 5 weeks more, and then will stall and start to consolidate, what happens after that will be very interesting.
The main point is that US dollar strength is not trashing the gold trend, this is good relative strength and shows bulls defending the long term trend. When excitement runs out for the DXY the GLD will do well.
A note to members, we must see strength enter the gold market and a confirmed sign that behavior has changed from selling to buying.
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Investing Quote…
..“In a narrow market, when prices are not getting anywhere to speak of but move within a narrow range, there is no sense in trying to anticipate what the next big movement is going to be. The thing to do is to watch the market, read the tape to determine the limits of the get nowhere prices, and make up your mind that you will not take an interest until the prices break through the limit in either direction.”..
Jesse Livermore
..”The key to making money in stocks is not to get scared out of them”
Peter Lynch
