Wednesday, September 24, 2014
US dollar strength and gold
Bespoke - best quarter for the dollar in years. Strength in USD is what you'd expect in a secular US boom, isn't it?
Oh hey, speaking of which, that reminds me of something. Here's a chart of the price of gold with US dollar strength factored out:
Weird how the impending challenge of multi-year support disappears in the weekly chart, no? Factor out USD, and all it shows is a descent and retest of support at the weekly SMA(50).
Too bad that only Americans buy gold....