Here are the two markets I am looking at:
1.Spot Gold - SYMBOL XAUUSDO If spot gold closes over $989.85 it will be a new high close for the year on a weekly basis. I would take this as a very bullish sign for next week. (CONFIRMED)
2. Dollar Index - SYMBOL DX The same goes for the dollar index. A close today (Friday) below 78.04 should be viewed as very negative for the US dollar.
Both markets are headed in opposite directions and both have very powerful chart formations. Look for gold to move higher, and the dollar index to move lower.
When most traders return next week from their summer hiatus and start viewing the markets more seriously, I expect these moves will begin to accelerate.
Enjoy this last hurrah of summer.