The chart above is a 2 minute chart of yesterdays action.The big blue circle is simply the usual action at the usual time but after that no serious intervention which is a marked difference from previous sessions.
The small blue circles above and below in the dollar index occurred at exactly the same time, ie a spike higher in the dollar and a spike lower in gold. This indicates the very tight nature and action of the dollar / gold algo correlated relationship.
So at the very least a temporary low is certainly in and it remains to be seen if it is the low.
In regards to US golds a tentative bounce was achieved on less than stellar volume.
Below is a daily chart of the gdx showing corrective action that is not really out of the ordinary, even if it was.
US crude oil makes another high as the inflation trade continues to march on.
The broader markets charge higher on the weaker dollar. One wonders what the gold price would be if the clowns running the show liked gold and hated the broader markets.
Gold would probably be a million bucks an ounce. And the broader markets, well they'd probably be a third of what they are.
