Gold in global currencies, looking good

Gold price is trending up vs. major global currencies

The corrections will come to the nominal gold price, but a real bull market will need participation vs. all major currencies and that is what is happening currently. Gold is even handily outperforming CHF/USD (Swiss Franc), to which the nominal gold price has a positive correlation.

The exception is the Japanese Yen, which got clobbered in 2022 and is on a strong rebound. Gold/Yen is in a long consolidation of a bullish move. This is a daily chart but a weekly chart would show constructive to bullish on balance vs. global currencies as well.

The gold price as adjusted by major currencies

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