Finally the US dollar has made a move creating a short term downside breakout and heading towards that nasty 93-92 price level. Sure, this all looks great for the gold bull run, to fly to the moon.
If you think there is not an inverse correlation with the US dollar then match up the early December 2015 top with the bottom from gold's bull market start. They are virtually perfectly synchronized to the day.
With almost 4 months behind us with this US dollar bearish phase, a bottom may be coming up that could reverse and blast right back where the US dollar came from, and even break a new record high, above 100.
Unless I'm in a US dollar 1-2, 1-2 count, then golds bull market will stay in tack. All we need is an attack of stock mania and the gold price would crumble into the dust, as the US dollar soars during stock manias.
In the end stocks will always compete with gold, and investors will have no feelings about dumping gold stocks in favor of the stock market. After all "buy high" is the name of the game for stock investors.
Bullish consensus has still been in the high 70% range from a peak of 91%. So any bullish phase should not be a return to a super bullish run. We may still have the rest of the month for this to play out, but a summer attack of the gold bears can happen.