Gold intermarket: inverse correlations breaking down?

Gold has rallied while the VIX is making a correction after a big decline due to the polls leaning heavily towards a Clinton victory.

The DXY is also making fresh highs through the 99 handle, settling back below there at 98.78 at time of writing while spot gold is just $2.00 off the highs of $1,274.21 so far today. At the same time, US yields are rising which usually makes Gold less appealing, but the precious metal has decoupled from such inverse correlations and could be due a correction on profit taking as markets realign. 

The Federal Reserve is also expected by the majority of observers to hike interest rates in December which may or may not underpin dollar strength after the event whether the Fed do or do not hike interest rates as much of the dollar strength may have already been priced in with the DXY rallying to fresh nine-month highs yet again this week.  A push to the psychological 100 level will bring us back to December 2015 levels when Gold was barely above $1,050.00.

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