gold's right where it should be if its going to zoom north -...

gold's right where it should be if its going to zoom north - dangling down in no man;s land below the trendline to shake out all the technical trader stops - stabilising into Friday night NFP, going into August - when gold is seasonally strong into Aug-Sep

likewise the HUI is below the horizontal trendline

traders will think all this is scary.

economists look at real interest rates having continued to fall, USD gold falling more than USD has risen - and net see upside to the gold price - esp with US economic expansion so long in the tooth

every rate rise brings the inevitable slwing of gdp and ultimately a recession that much closer - at which time USD will retreat