Technical Picture - USD and Gold

The uptrend of late is still intact in the NASDAQ and S&P. There is a divergence with the NASDAQ closing at a new recent rally high on Friday while the S&P did not. Friday was a light volume day. The McClellan summations are still trending up but with decreasing slope. The McClellan oscillators are tightening above zero.

After a complex consolidation, the US dollar has turned weak in the last several sessions. The inverse correlation drove a rally in gold on Friday. The charts below compare daily charts of several gold stocks including the index ($XAU). I have placed the charts in approximate order of increasing relative strength. Notice that GOLD (Friday scanner hit and trade) was the relative strength leader among the charts shown - look at Friday's opening price and action relative to the 20 SMA and 50 SMA.