Gold Bugs Must Stay in Their Lane

Between the Euro and U.S. Dollar, there has been a ton of long-term consolidation over the last eighteen months or so. Prior to the chop, the Dollar had been surging and the Euro was swooning. 

The issue now is whether the Dollar is resuming its long-term uptrend since 2014 for a new leg up. If so, then gold bugs will need to ignore the greenback and press forward in their own right to negate the standard notion of the Dollar trading inversely to gold. 

For now, note the monthly UUP chart, below, the ETF for the Dollar versus a basket of major currencies. Given the notable Dollar strength today, I am looking to see if the metals and miners can avoid a new leg lower in their corrections. 

More in my usual Midday Video for Members.