OK, I’ll acknowledge there is a ‘non-zero’ possibility of a sudden reversal and the dollar regaining its 200dma, but it needs to happen fast. That’s a whole lot of nothing that it’s sitting on. Remind you of anything ?

Here’s how the chart looks…

My next chart hasn’t changed much in recent weeks – I’m thinking $2500 is my favoured target, but we can keep this under review.

Not that I want to be a spoilsport, but, as I said a while back – as we go up, we need to keep looking down Wylie Coyote (the dollar) has a long way down, and soon, if it can’t grab onto that 200dma. Gold needs to bounce off the upper line of that symmetrical triangle on any pullback (currently somewhere near $1260). If it were to fall below that, we would need a serious rethink. As things stand though, it’s all progressing as expected, with the dollar and gold cycles doing the heavy lifting for us.