黃金通常以每盎司多少美元計價，因此，美元的任何波動都有可能反映在黃金價格上：美元下跌，黃金價格則上升；美元升值，黃金價格下降。然而，二者的關系並不總是對立的，有些時候黃金和美元的價格會同時的上升或者下降。
背馳
下面的圖表週期顯示的是美元指數和黃金的價格關系。美指升高，黃金則下降，反之亦然。除了圖中顯示的A、B區域。A處黃金價格的上漲是美指價格即將下降的前兆。
B處美指的下降趨勢隨著黃金價格的升高而進一步確認，B處有可能刑成倒置的頭肩頂形態或是上升的三角形，這取決於美指是否會突破92.5的阻力位。
美指反映了美元在主要貨幣對中的價值。其中比重最大的是歐元，占美指數據來源的57.6%.
如果金價跌破550美元每盎司的近期支撐位，那麼美元指數就可能達到92.5。反之，如果金價上漲到近期730美元高點，則預示著美元指數示弱，並將下降至83.5的近期支撐位。
美聯儲掌握著主導權：美元利率的上漲會利好美元，並很有可能幹擾其和黃金正常的背馳走勢規律。
黃金並不是隨意的被政府選擇作為貨幣標準，很多世紀以前，黃金就已作為自由市場上穩定的貨幣媒介而存在。
~穆瑞•羅斯巴德
財政赤字後的財政支出，是政府隐匿的徵用社會財富的一種手段。而黃金在這過程中起到了對財產權的保護作用。
〜格林斯潘
Gold and the Dollar
Gold is generally quoted in US dollars per ounce of gold; so any fluctuations in the strength of the dollar are likely to be reflected in the dollar price of gold: when the dollar falls the gold price rises........ and when the dollar rises gold falls. The relationship is not exactly inverse, however, and there are times when both gold and the dollar rise or fall simultaneously.
Divergences
For want of a better term we call these periods, when the normal inverse relationship breaks down, divergences. On the chart below the US Dollar Index rises when gold falls, and vice versa, except for divergences at [A] and [B].
The divergence at [A] occurs when a rising gold price gives advance warning of a decline in the dollar.
At [B] the index consolidates while gold continues to rise. The consolidation may be the start of an inverted head and shoulders or ascending triangle, but either pattern would only be confirmed if the index breaks through resistance at 92.5.
If gold falls below its recent support level of $550 per ounce, then the US Dollar Index is likely to reach 92.5. If not, and gold rises above its recent high of $730, expect the US Dollar Index to show weakness and fall through its recent support level of 83.5.
The Fed holds the only wild card: further interest rate rises would support the dollar and possibly interfere with the normal inverse relationship.
Gold was not selected arbitrarily by governments to be the monetary standard.
Gold had developed for many centuries on the free market as the best money;
as the commodity providing the most stable and desirable monetary medium.
~ Murray N. Rothbard
Deficit spending is simply a scheme for the 'hidden' confiscation of wealth.
Gold stands in the way of this insidious process.
It stands as a protector of property rights.
~ Alan Greenspan
文章翻譯由兄弟財經提供，
本文來源：http://www.incrediblecharts.com/economy/gold_dollar.php