Chart of the Day – Dollar, Gold and Silver
$USD – If the dollar gives us a normal duration intermediate cycle, it will not be due to bottom until September or October.
$GOLD – Assuming gold continues to decouple as the dollar completes its final intermediate rally, we could see gold trend generally higher until fall. I would think a reasonable target by then to be be between 1450 and 1550.
$SILVER – The pullback in gold was a bit shallow at only 38%. But silver retraced 50% and that is a completely normal intermediate cycle decline.