Gold and the euro actually are at risk of downtrending - at least near-term

Gold and the euro actually are tracing out reversal patterns in both price and volume. I'm pointing to the volumes on the GLD and FXE charts below. This may be indicative of the stronger dollar where UUP has a pattern roughly inverse the FXE. Now, in the euro and dollar, my own read if the pattern is that it should extend a bit more and then reverse back (such as a wave 2 pullback) - and then perhaps go into a continuation wave next week or in January. As for gold, if today operates as a trigger going under yesterday's low, then it could continue down even lower near-term.

The 200 dma is rising for both, and may be a logical place for both to contain the move and give support.

I looked again at the ChartsEdge weekly cycle forecasts for equities and gold. They indicate upward movement intraday today, and then weakness tomorrow. That may not help much if the open is as weak as the futures looked when I posted this. So unless something changes about this picture, it suggests that today may provide a selling opportunity for the next several-day swing (not good for the "Santa rally" crowd). Buying volumes would have to be awesome today, to change the way this is shaping up.