In the last few months, the US dollar has made steep drops 3 times already giving gold the extra push to new highs to the $1411 price level.
The only way I can count this out is from a diagonal perspective.
Sometimes there is no obvious zigzag down the 5th wave which would bring a bottom on much sooner than we think.
I may have to knock my degree down one level, as this diagonal decline may be part of an expanded top.
I believe that the US dollar is in a corrective phase and sooner or later the USD bulls will return. On a daily chart, we have many previous 4th wave bottoms that will supply support.
Many think that the US dollar is in a bear market rally but I think the USD is in a much bigger bull market than what the majority think at this time.
Last week the commercials hedgers removed long positions and at the same time added to their short positions which I think was a bearish move. During the week this could all start to change again.