The USDX was first to invalidate its recent move lower, and now miners joined in, invalidating their breakout. Is gold next? Most likely yes. Let’s start today’s analysis with the USD Index. Practically, everything that I wrote about USD Index’s bullish potential remains up-to-date, and based on how clear the recent invalidation of the breakdown was, it seems that the next move higher is already higher. Now, as the USD Index is moving higher, gold is likely to move lower – they have been moving in a mirror-like fashion for about a year now. To clarify – during the last year, the correlation was particularly negative, ... (full story)