I was watching the Gold/US Dollar relationship recently waiting for a divorce (see posts on 6/2 and 6/3) and since the beginning of June they decoupled. The December Gold Future (GCZ10) broke out of an ascending triangle to the upside and the December US Dollar Index Future broke below an uptrend (ascending channel) to the downside. Since May 21 ( over 1-month), Gold is up about 8% and the USD is unchanged. You don't see it on the chart but the US Dollar Future is approaching its 50 day moving average which could act as support. The Sep S&P E-Mini Future (ESU10) is up 1.51% (16 points) tonight on breaking news regarding the Chinese Yuan and a lower US Dollar. September Crude oil is up 1.79% to $80.60.
Stocks, Commodities, U.S. Futures Rally as China Lets Yuan Gain on Dollar - Bloomberg Yuan Climbs Most in 18 Months as China Signals End to Peg; Forwards Jump - Bloomberg
Gold Comex December 2010 vs. US Dollar Index December 2010 (OptionsXpress)