usdjpy was either going to stop at the 61.8% fib retracement (1.15) or keep rising to 1.22 at least and probably 1.24 (back where it wads when gold was 1050 last year)
post fomc meeting - it kept rising thanks to their extra 25bp raise dot point for 2017
USDJPY now at 1.18 so its got another 20-25% of the way to travel most likely
so professional investors sold out of all their gold exposure (me included) - hence the fall in HUI the night after - there's no buying support now
funnily enough this is all predicated (usd rise) - on a rise in inflation coming. none of which is getting priced into gold.
there;s already inflation data starting to spike through. when it becomes really strong - gold will reverse course and start to lose its negative correlation to the USD.
historically 2nd quarter next year should be golds time to shine - usd and us gdp should peak and start falling and inflation starts coming through more strongly due to basing effect on y-o-y commodity prices
