Chart of the Day -- US Dollar and Gold

The US Dollar Index hit a new 11-year high yesterday. This was mainly due to positioning ahead of today's European Central Bank announcement, so there may be a whiplash. But the bottom line is King Dollar continues to show strength.

With the dollar making an 11-year high, you might expect gold to be making new lows. After all, gold is priced in dollars. But, no, while gold is testing support around $1,200, it's actually holding above lows hit in the last quarter of 2014

(Updated chart)

So, what does this mean? I'll be sending a new report on gold to $10 Trigger Alert subscribers soon; I'll lay my cards on the table at that time.

Be careful, but also be ready to seize opportunities.