I’m long term bullish PMs, and the recent action in the broad commodities market including gold has been very encouraging. But let’s humor the bears for a minute. We all know the relationship between USD/JPY and gold prices. Looking at this monthly chart of the USD/JPY, can we confidently say the gold bear has ended, despite the bottom rail of the uptrend not being broken yet? I acknowledge this is only one viewpoint, and I’m still largely convinced by all the research I’ve seen here. But this USDJPY will remain a thorn in the side until it isn’t.

Also – at a minimum it looks like USDJPY could take a few months to “feel out” that bottom rail. So is gold going nowhere fast?