With Trump trade euphoria still controlling the markets and policymakers wary of cutting rates too fast, it may be some time before we see sustained weakness in the USD.

Traders are already moving on. The FOMC is making an interest rate decision today and is widely expected to cut rates by 25 basis points.

If Donald Trump wins, tax cuts and tariffs mean stronger inflation, higher yields, and a much stronger US dollar. This is bad for gold.

While it is hard to bet against gold’s extraordinary run, the fundamentals show that a pullback from the recent highs could well occur over the short term.

If we see a continuation or escalation of hostilities, expect gold, oil, and the USD to push even higher