I have been daytrading gold using the usd/jpy and it has been 100% accurate. I have never seen such a close correlation as I am seeing between gold and usd/jpy. The yen yes, the dollar too… but this is turn by turn navigation. I flipped one chart upside down and it looks like the other. I will say the usd/jpy is leading not vice versa. I expect a little higher here in usd/jpy until another channel hit in the chart below and then we can finally breakdown the neckline (also a triangle)… which in turn would break gold out higher as well. If we break out of the channel it is trouble for gold but I don’t expect that with the overhead resistance.

Looking for 111.05 – 111.25 for the turn