It looks like temporary that the dollars downside is limited but upside is getting better.  Is there a macro economic trend change?  No.  But a simple perception that the Fed is ready to increase rates will suffice to alter the perception of the dollar.  It looks more and more likely that the next move for the Fed will be to increase rates so with the dollar’s rise comes gold’s decline.

Looking at the Gold ETF, GLD, it looks like the chart is forming a lower top and trending down and seemingly will break the 20 day and 50 day moving averages in the short term.  The volume on the second top seems to indicate a sell off type volume suggesting a lot of negative action.  Fundamentally and technically, the charts indicate that gold will trade down to $850 or so.  Today it was down to about $912.
Disclosure: Long CHK, Short NEM (Newmont Mining)

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