I agree that it is too soon to say that gold is decoupling. But more importantly ... I believe that the best bull market for gold is one where Gold and the USD rise together (and the general markets lose ground). This makes gold more valuable in all currencies and makes it the investment of choice.

As a side point, although I am no match for UMP ... I do my own chart work based on pattern matching. The key criteria include similarities in the HUI:Gold ratio and similarities in the MACD (note: I have configured may own MACD for these purposes)

As such I see I am projecting a high on or about Nov 16th. The top should be at 480 +- 10 points. I have a sweet spot at 470. Nonetheless, I see a higher high for the year.

It is also worth noting that some very astute analysts are calling for a LOW on exactly the same day (November 16th).

Note: I regularly I make use of Ichimoku Cloud analysis. In the most recent correction the lower edge of the cloud was an important factor.

This was the chart that I prepared on Oct 28th and updated yesterday afternoon.

http://i666.photobucket.com/albums/vv29/gdan01/HUIProjection-Nov3.png

And FWIW ... here is the HUI with the regular MACD as well as my version (faster clock rate).

http://stockcharts.com/h-sc/ui?s=$HUI&p=D&b=5&g=0&id=p95782168899

I expect that it won't be long before PLE starts to move. I have a bet with a few folks (worth more in prestige than money) that PLE with hit or exceed .39c by Dec 31. I don't expect to be wrong.

GLTA