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:

and here's the weekly:

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....

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