It is still possible that Gold had a short, three month, Intermediate Cycle (Norvast’s 2009 Fractal ~ see 2nd chart in attached link), but it is still a long shot at this point.

While Gold’s correlation to the USD and Yen moves are not 100% (is anything ever?), the USD’s negative correlation, as of late, has been something to note. The Yen has also had a very high positive correlation to Gold for several years and it’s rally in 2016 mirrors Gold’s move thus far.

The Yen, however, is due for its next Yearly Cycle low (see my 2nd chart) and I am shorting it with YCS. I also believe the USD is relatively early in a new Intermediate Cycle. While I believe the USD will be turned back by my 3 Year Cycle downtrend line, it likely has a few more weeks of upside price action left in it. If the Yen does move into its Yearly Cycle low over the next few weeks, the PM Complex should move lower with it if the correlation holds.