Gold, an accident waiting to happen?

Gold & Copper had tracked each other with good historical correlations, the Weekly 21 & 50 ma's had supported all corrections for the rise from their 2002 major lows..
While Copper had broke below 21 & 50 week ma from last year's high, Gold has managed to stay above 21 & 50 ma with decending highs..
is Gold waiting for a Copper correction or an accident waiting to happen below the converging 21 & 50 ma clusters? underlying market dynamics points to an accident..

Gold & Copper weeklies (click to enlarge)

Usd/Jpy Singapore Sling @1/11

The dollar setting up to break above the converging 7/98 long term trendline & the mid-term support channel from 1/05..
Massive dollar short liquidation above the psycho 120 level plus Eur/Jpy & Gbp/Jpy having another go at their recent highs while Euro & cousin GBP 'consolidates' in side to down bias could send the new year Dollar on its merry way above 121+..


Usd/Jpy monthly & weekly @1/11/07

Monthly Reverse Fractals

Classic Monthly Reversal patterns in progress for Euro & GBP from the December 1.3364 & 1.9846 highs after this week's rejection from secondary highs..


historically, the odds are against Euro & GBP making new highs after Monthly rejections above 1.30 & 1.92..

Euro 1.3364->1.2981->1.3001
GBP 1.9846->1.9264->1.9290