The Buck managed a big push higher through a key fibonacci retracement level today, and right to the top of the uptrending channel, largely on fresh euro weakness.
Here is where we see the breakout or the fakeout, at least in the short term.
The way in which gold is holding its level despite repeated and concentrated bear raid originating from the Comex is remarkable, and has caught much of the deflation trade by surprise.
I suspect this is because the current crisis is a sovereign debt or currency crisis, with both the dollar and gold serving as 'safe havens.' Gold continues to hit new highs in a number of non-US currencies.
