I thought it important to put out a post tonight.  The US Dollar Index had a low in late May of 101.42.  Today the Index closed there and on the half-hour chart of the Buck, it looks ripe and ready to drop through this important level.  I zoomed into the Index's chart covering the last 6 weeks.  When a price drops to a low, rebounds makes a series of repeated moves with lower highs there's a fairly high probability the support line will fail.  Looking at the pattern below, I estimate breaking the support line will open up an Index level of 99.4.  With the Bullish posture of the Gold market, we could being seeing Gold hitting $2000.

 

Around the September-October time frame (Gold $1650 range, USDX > 113), I said that I believe Gold would grind higher and eventually hit $1900 in 9 months.  That was based upon the US dollar falling and Gold roughly equaling an inverse in appreciation.  2023 has been highly unusual for this market.  Gold has a tail wind with the USD falling but the magnitude of Gold's move is considerably much more. 

 

Not in my wildest imagination did I think Gold could touch $2000 before February, but folks there's a realistic path for that to happen.  I'm just awestruck by the strength of this move.