Mover Mike

Something very bullish is happening in the charts of gold over the last seven weeks. I have posted about the "island" that was left at the bottom. A gap down on 6/13 and a gap back up on 6/30, leaving an island of 2 1/2 weeks. Gold traded up as high $669 on 7/14 before correcting. However it never filled the gap on 6/30, instead it has rallied and today left another gap from $621.90, trading as high as $640! (see chart).

Is Gold signaling weakness in the USD? James Turk sure thinks the USD is about to break down. The founder of Gold Money says

I therefore expect that it won't be too long before the Dollar Index begins falling away from here, and a close in the Dollar Index below 84.00 is likely to start a rout in the dollar.

Gold James Turk GoldMoney Mover Mike USD